According to Lord, the UK and US the labour markets are unanimously strong at the moment.
“More more people are finding jobs, more jobs are being created and, for the first time in four or five years, the two countries are facing a sustainable uptrend in wages.”
This is where underlying domestically generated inflation will come from, he says, which will kick-start the consumer led economy. And, as a result, inflation is at the trough, if not very close to the bottom.
