UK average earnings index rises 2.7% in April

UK Average earnings data beat expectations with both key measures (including and excluding bonus) rising 2.7% 3m/y. 

As for the MPC minutes, members once again voted 9-0 to keep rates unchanged and with the Committee noting 'downside risks from the possibility of a disorderly outcome of the Greek debt negotiations', it is understandable that neither Weale nor McCafferty was going to vote for a hike this time. 

With the wage data setting a strong tone for the rest of the year though, it shouldn't be long before at least two MPC members start voting for a hike again.