Pay excluding bonuses grew 5.4% year-on-year between April and June in the UK, marking the lowest rate in two years, according to data from the Office for National Statistics. Meanwhile, the unemployment rate fell to 4.2% from 4.4% in the three months up to July. The ONS also noted that the estimated number of vacancies in the UK decreased in May to July 2024 by 26,000 on the quarter to 884,000. Following the update, the pound was 0.3% higher against the euro at 1.1722 and also traded up 0.28% against the US dollar at 1.280. What implications for the Bank of England’s next rate decision?Kyle C…