FTSE 100 ticks higher as Raspberry Pi confirms listing date [Video]

London stocks ticked slightly higher at the open on Tuesday as the markets reacted to the prospect of interest rates staying high for longer.

Wages in the UK grew at a faster-than-expected pace of 5.9% in the three months to April, according to the Office of National Statistics, knocking hopes that the Bank of England would begin slashing interest rates this summer. When accounting for inflation, wages rose by 2.7% between February and April, marking the single largest three-month jump since September 2021 and the highest since 2015 when excluding the pandemic.

Bank of England economists have previously said wage growth must not threaten inflation and should be rising modestly before they can feel confident about cutting borrowing rates.

Meanwhile, in company news, Raspberry Piconfirmed it would be listing at 280p a share, the top end of its pricing guidance. It means the DIY computer kit maker will raise around £166 million and have a …