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UK firms to offer higher pay as Brexit deters EU workers

Wednesday, Nov 08 2017
UK firms to offer higher pay as Brexit deters EU workers

British employers are having to raise their pay offers in the face of growing recruitment problems, two surveys showed on Wednesday, following a fall in the number of European Union workers since the Brexit vote. Stronger pay growth would ease a big problem for Britain's economy -- wages lagging inflation -- and could add to the case for further interest rates hikes by the Bank of England, which last week raised rates for the first time since 2007. The Recruitment and Employment Confederation said its monthly survey showed starting salaries rose in October at the second-quickest rate since November 2015. "

We already know that EU workers are leaving because of the uncertainties they are facing right now," REC chief executive Kevin Green said. "We therefore need clarity around what future immigration systems will look like. Otherwise, the situation will get worse and employers will face even more staff shortages." Separately on Wednesday, the Bank of England said recruitment difficulties had intensified and were above normal in a range of activities. The BoE report, based on the findings of its regional agents across the country, said companies expected pay settlements next year to offer increases of around 2.5–3.5 percent rather than the 2–3 percent range seen during 2017.

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