UK wages grew by annual 3.7% in three months to August, ONS says

LONDON, Oct 20 (Reuters) Wages in Britain grew by 3.7% in the three months ​to August compared with ‌the same period last year, official data showed on Tuesday. Economists polled by Reuters had mostly expected growth ‌of ​3.6% in wages ⁠excluding bonuses. The Bank ⁠of England is looking for signs that the Iran war energy price shock is turning ​into broader inflation pressure in the economy including ⁠through higher pay. Investors ⁠expect the BoE to ​raise its benchmark Bank Rate to ​4% next month. So far ‌it has not followed the U.S. Federal Reserve and the European Central Bank in ⁠increasing borrowing costs following the surge in energy costs. Governor Andrew Bailey said last ⁠week ‌the longer the ⁠war goes on, the ​harder ‌it will be for ​the BoE ⁠not to respond. But he also said it remains early days and inflation pressures remained quite subdued. (Writing by William Schomberg, editing by ​Sam Tabahriti)