The Bank of England is seen in the City of London in London, Britain Aug. 4, 2016. REUTERS/Neil Hall
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British employers plan to offer the least generous pay deals since 2012 this year, the Bank of England said Wednesday, underscoring its view that the economy is set to suffer from the effects of the Brexit vote.Inflation was running at 1.6 percent year-on-year in January, its highest since mid-2014, and is projected by the BoE to be running at 2.7 percent in the final quarter of 2017 .In a regular survey of 700 businesses across Britain, the BoE said price pressures were building across supply chains, and firms expected inflation to spread beyond food and fuel prices to a wider range of goods and services this year.The BoE predicted last week the economy as a whole would retain much of its momentum this year and grow by 2 percent.However, the pay intentions reported in the BoE survey Wednesday raised the prospect that wages will rise less than the 2.7 percent projected inflation this year.
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