Employers in the UK are planning their lowest pay rises in two years, according to the latest survey from the Chartered Institute of Personnel and Development. Information from Reuters.
UK employers plan to raise wages by just 3% next year
- Lowest planned increase in two years
- A significant drop from the 4% expected three months ago.
This comes in comparison to a Bank of England survey published earlier this month which showed that companies intended to increase wages by 4.1%, also the lowest level in at least two years.
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The Bank of England is seeking to return wage growth to more sustainable levels. The bank sees risks that ongoing labour market problems could keep wage growth high.
On Tuesday, August 13, 2024, we will get employment and wages data from the UK. The following day, we will get inflation data.