Kevin Brown, savings expert at Scottish Friendly, has commented on this morning's labour market data from the ONS, which shows wage growth cooling and the gap with inflation shrinking:

"Cooling wage growth shows that the labour market slowdown is now feeding through to workers’ pay packets, leaving them less protected against stubbornly high inflation.

"While this is exactly the outcome the Monetary Policy Committee (MPC) will have wanted, it does little to change the path for interest rates. Inflation is still running at close to double the MPC’s 2% target, and policymakers will be wary of cutting rates too soon and adding fuel to the inflation fire.

"For many households, weaker earnings growth result in tighter budgets and a hit to consumer confidence at a time when concerns are mounting over jobs and growth. For the economy, dampened consumer spending will almost certainly mean more sluggish growth.

"Theoretically, softer wage data strengthens the case for another round of rate cuts but in practice, interest rates are likely to be on hold until at least spring next year."