16  All speeches are available online at www.bankofengland.co.uk/speeches  16  Saunders, M (2017), ‘The labour market’, speech available at https://www.bankofengland.co.uk/speech/2017/the-labour-market Taylor, M (2017), ‘Good work: the Taylor review of modern working practices’, Department of Business, Energy, & Industrial Strategy, 11 July 2017. Tuckett, A (2018), ‘What can regional data tell us about the UK Phillips curve?’, Bank Underground, 13 April 2018. Vlieghe, J (2018), ‘From asymmetry to symmetry: changing risks to the economic outlook’, speech available at https://www.bankofengland.co.uk/speech/2018/gertjan-vlieghe-speech-at-birmingham-chamber-of-commerce  17  All speeches are available online at www.bankofengland.co.uk/speeches  17  Annex Chart 1: Long-run real pay Index, 1900 = 100  700 600 500 400 300 200 100 0  1700  1750  1800  1850  1900  1950  2000  Real wage  Source: Bank of England “A Millennium of Macroeconomic Data for the UK” Notes: Data shows an estimate for real consumption earnings for Great Britain. Figure 1: Change in real pay by region in the UK since 2008  Sources: ONS and Bank calculations. Notes: Nominal regional pay divided by CPI with a four-quarter moving average.
Pay Power Speech given by  Andrew G Haldane Chief Economist Bank of England Acas “Future of Work” Conference Congress Centre, London 10 October 2018  The views expressed here are not necessarily those of the Bank of England or the Monetary Policy Committee. I would like to thank Will Abel, Shiv Chowla, Tomas Key, Brad Speigner and Ben Stokes for their help in preparing the text. I would like to thank Ben Broadbent, Clare Macallan, Becky Maule, Mette Nielsen, Silvana Tenreyro and Jan Vlieghe for their comments and contributions. This work contains statistical data from ONS which is Crown Copyright. The use of the ONS statistical data in this work does not imply the endorsement of the ONS in relation to the interpretation or analysis of the statistical data. This work uses research datasets which may not exactly reproduce National Statistics aggregates. 1  All speeches are available online at www.bankofengland.co.uk/speeches  It is great pleasure to be here at the Acas Annual Conference whose theme this year is the “Future of Work”. It is a particular pleasure to have Brendan Barber as Chair. As a member of the Bank of England’s Court between 2003 and 2012, Brendan’s insights on the labour market and wider economy were crucial in helping the Bank steer a policy course through a period of first macroeconomic calm and then extra-ordinary macroeconomic storm following the global financial crisis. It is the labour market that I want to discuss today.