The UK's three-month wage growth remained stable in May.

The UK Office for National Statistics said on Tuesday that the average wage growth rate for the three months excluding bonuses in May in the UK was 3.4%, in line with expectations and unchanged from the previous figure. The Bank of England is closely monitoring whether the rise in energy prices triggered by the Iran war is translating into long-term inflationary pressures in the economy. Financial markets on Monday showed that the market is already expecting the Bank of England to raise interest rates once or twice by the end of 2026, each time by 25 basis points. Data released last week showed that the UK economy grew slightly in May, reversing the downward trend seen in April.