Why rising wages will concern the Bank of England Inflation With inflation coming down to 6.8 per cent in July, this means that households are seeing a boost in real income for the first time in nearly a year. But the Bank of England will be nervous.
Unemployment up and wage growth still hot: New figures to spook Bank of England UK economy Unemployment has crept up whilst wage growth remains hot - creating problems for the Bank of England
UK unemployment ticks up but wage growth hits two-decade-high Rate hike more likely The rate of UK unemployment rose to 4.2 per cent in the three months to June from 3.9 per cent in the previous three months, the Office for National Statistics said. However, this was tempered by annual growth in pay – excluding bonuses – up to 7.8 per cent in June. This is the highest [...]
Cost of living pressures set to ease as inflation tipped to fall again August 14, 2023 Cost of living pressures facing households are set to ease, as experts predict inflation will fall below wage growth for the first time since last April. Official figures out on Tuesday are tipped to show that wage growth hit 7.4 per cent in the three months to June on an annual basis, up from 7.3 [...]
Skills shortage doubled since pre-Brexit and pandemic as four in five firms struggle to fill roles March 27, 2023 Four in five businesses are struggling to fill vacancies because of a lack of skilled workers – the highest number in 17 years, new research suggests. Employment group Manpower said the number of employers reporting skills shortages has increased six-fold over the last decade – and more than doubled since pre-Brexit and the pandemic. A [...]
Budget ‘returnerships’: Will Jeremy Hunt’s plans to get over 50s back to work, work? March 15, 2023 Scrapping the lifetime allowance on pensions was just one of several measures announced in the Spring Budget aimed at getting the over 50s back to work, Many argue the move will only affect one per cent of the population, and was aimed at stopping an exodus of NHS doctors – who have often built up [...]
Cost of living crisis: Inflation sees Brits take a real-terms pay cut yet again March 14, 2023 British workers’ wages have been eroded by sky high inflation for the 15th month in a row despite them bagging bumper pay rises, official figures out today show. Real regular pay, which measures pay growth in cash terms minus inflation, fell on a monthly basis in January, according to the Office for National Statistics (ONS). [...]
UK unemployment figures could be three times higher than official figures with an ‘army of missing workers’ not accounted for – report January 31, 2023 The UK’s unemployment rate could be three times higher than government figures show due to widespread “hidden unemployment,” a report has warned. Official figures published by the UK’s Office for National Statistics (ONS) show there are just 1.2m unemployed people in Britain, leading to an unemployment rate of 3.7 per cent. However, the Centre for [...]
Exclusive: UK firms stop hiring and mull layoffs as recession takes hold January 9, 2023 Layoffs are on course to climb, driven by businesses cutting costs amid what risks being the longest UK recession in memory, exclusive research shared with City A.M. indicates. Firms are planning to pause hiring or even sack workers to protect their finances from a slump in spending sparked by the cost of living crisis. Nearly [...]
Labour: Work from home but reverse pandemic retirement, over-50s urged January 7, 2023 Labour is hoping to tempt over-50s out of early retirement with the right to work from home. The shadow work and pensions secretary, Jonathan Ashworth, has outlined plans to entice over-50s to take up employment again. Speaking with The Daily Telegraph, Keir Starmer’s spokesperson on the issue, Ashworth, said Labour will launch a series of [...]