The latest survey from the UK's Chartered Institute of Personnel and Development shows that the country's employers plan lowest pay rises in two years. Info comes via Reuters.
UK employers are planning to raise wages by just 3% over the coming year
- the lowest planned increase in two years
- a significant drop from the 4% expected three months ago
This result compares with a survey conducted by the Bank of England and published at the start of the month that showed businesses intended to raise pay by 4.1%, also the lowest in at least two years.
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The Bank of England is seeking to drag pay growth back to more sustainable levels. The Bank sees risks that persistent labour market issues could keep wage growth elevated.
On Tuesday, August 13, 2024 we'll get employment and wages data from the UK. The following day will bring inflation data.
