LONDON - Britain’s unemployment rate held at 3.7 per cent in the three months to January, the Office for National Statistics (ONS) said on Tuesday.

Economists polled by Reuters had mostly expected the rate to rise to 3.8 per cent.

Growth in basic pay in Britain – which the Bank of England is watching closely as it weighs up when to pause its run of interest rate hikes – lost pace in the three months to January, official data showed on Tuesday.

Pay excluding bonuses rose by 6.5 per cent, compared with 6.7 per cent in the three months to December, the ONS said. Total pay grew by an annual 5.7 per cent in the November-to-January period.

Economists polled by Reuters had expected basic and total earnings to rise by 6.6 per cent and 5.7 per cent respectively. REUTERS