We got the latest UK employment data this morning. With the usual caveats around its reliability, there are signs of the market slowing — unemployment rose from 4.3% to 4.4% — but wage growth remains strong. Both regular pay and pay with bonuses rose by 5.6% in the year to November, which means wages are rising well ahead of inflation.

Soon after her UK budget on Oct. 30, as economic sentiment plummeted and businesses protested higher taxes, an under-pressure Rachel Reeves had one key message for Treasury officials: “We need to go further and faster on growth.