UK pay contracts, in BoE’s eyes, holding 4% – XpertHR | Jobi Cool


LONDON, Nov 16 (Reuters) – Pay awards by British employers hit a 30-year high of 4% in the three months to October, well below annual inflation of more than 11%, data from staffing firm XpertHR showed on Wednesday.

The Bank of England is watching closely for signs that a jump in inflation is creating long-term price problems in the UK economy through rising wages.

Sheila Attwood, editor of XpertHR pay and benefits, said employers were caught between trying to keep staff in a very tight job market and worrying about the coming recession.

“It is likely that affordability will continue to be the driving force behind final wage decisions as economic uncertainty is at the forefront of many businesses’ concerns,” she said.

XpertHR’s measure of wage agreements has remained at 4% for seven consecutive reports. In the three months to October last year, median wages were worth 2%, it said.

Screenplay by William Schomberg, editing by Andy Bruce

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