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Andrew Bailey has given Bank of England employees a compensation boost that exceeds inflation, even though he has advised employees not to ask for significant pay rises.

Starting in March of this year, the 5,000 employees of the Bank will see an average pay increase of 4% over the course of a year.

This is far more than Threadneedle Street’s own inflation projections, which indicate that inflation will decrease to 2 percent in the spring, rise somewhat again, and conclude the year at 2.75 percent.

In the past, Mr. Bailey has come under fire for advising employees not to demand large salary increases in spite of the problem caused by the rising cost of living.

Huw Pill, the head economist at the Bank, also got into trouble when he implied that after the oil crisis, Britons had to accept that they were poorer.

It happens at a time when traders are placing bets that US interest rates will drop in the summer following the release of the most recent job data, which showed that hiring is slowing down nationwide.

Financial markets are factoring in that the US Federal Reserve will drop interest rates for the first time since June, according to data that revealed hiring is happening far more slowly than originally anticipated.

The US Labor Department reported that non-farm payrolls rose by 275,000 in February, exceeding predictions of 200,000.

The US economy is doing far worse than previously believed, as seen by the sharp revision of hiring projections, which were cut by 43,000 and 124,000, respectively, from 333,000 to 290,000 in December and 353,000 to 229,000 in January.

With expectations of impending rate reduction in the US due to a weakening economy and the UK emerging from recession, the pound has strengthened vs the dollar this year, making it the only major rich country currency to do so.

Bank of America analysts predicted that sterling will continue to outperform the dollar because they believed that the Budget’s tax cuts may have encouraged Bank of England officials to postpone rate reduction.

“We remain comfortable with our view that the BoE will cut rates in August at the earliest,” they said in their statement.

Gold prices continued to rise in response to the jobs report, hitting a new record high of $2,185 on Friday, up as much as 1.3 percent.

As US markets opened, bitcoin surged to a record high, momentarily surpassing $70,000 (£54,494) for a single coin for the first time, as speculators kept buying the speculative digital currency.

In recent weeks, assets like gold and Bitcoin have become more appealing to investors due to anticipation that central banks may soon lower interest rates.

The Bank of England pay hikes follow Mr. Bailey’s warning from just last month that salaries were still growing too quickly for inflation to return to the bank’s target of 2 percent.

Salary increases of about 3% are thought to be in line with the Monetary Policy Committee’s target inflation rate of 2%.

In order to “strike a balance between our own budget constraints, the best use of public funds, the challenges of retaining critical skills, and addressing the cost of living pressures facing our staff,” the Bank claimed that the agreement for its employees was important.

“At the same time, our approach needs to be consistent with our overall objective of price stability,” the company representative continued.

According to the Office for National Statistics’ most recent estimate, January’s inflation rate was 4%.

In response to a question concerning pay increases in February, Mr. Bailey stated he would not “preach at this point” but issued a warning that wages were a significant contributing cause to the persistence of services inflation.

The fact that salaries were still “high by historical standards and high by any level that is consistent with sustained meeting of the inflation target” was another point he made clear, even though overall wage growth was less rapid than in the past.