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Financial News: BoE Agents' Summary: UK Pay Awards To Rise

BoE Agents' Summary: UK Pay Awards To Rise 2.5-3.5% In 2018

12/20/2017 - 05:33:00 (RTTNews)

(RTTNews) - UK pay growth is expected to increase next year on staff retention and recruitment, a monthly report from the Bank of England showed Wednesday.

According to Agents' summary of business conditions, a significant number of contacts expected pay awards to increase towards 2.5 percent-3.5 percent over the next year, from 2 percent-3 percent in 2017.

Recruitment difficulties were a growing concern for businesses as labor shortages had become more generalized across sectors and skill levels.

Further, data showed that reflecting squeezed real incomes and possibly some anticipation of Black Friday, consumption growth had eased slightly.

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