UK wage growth slowed in the three months to November, with average weekly earnings excluding bonuses rising 4.5 per cent, down slightly from 4.6 per cent and in line with forecasts, as employers cut staff ahead of the late November Budget, according to official data. Private sector pay, which the Bank of England watches closely as a sign of inflation pressure, dropped more sharply to 3.6 per cent, its slowest pace in years. Public sector wage growth stayed strong at 7.8 per cent, partly due to earlier pay deals. The unemployment rate held at 5.1 per cent, and the number of payroll jobs continued to fall, pointing to a weakening labour market that should help ease inflation. Markets took the news as a sign rate cuts could come later this year, with the pound rising about 0.4 per cent against the dollar after the data was published. Still, most economists think a cut in February is unlikely unless inflation figures out this week come in much lower than expected.