November 29, 2017 / 2:00 PM / in a year

Bank of England says firms expect to offer bigger pay rises in 2018

LONDON, Dec 20 (Reuters) - British businesses expect to offer pay deals averaging around 3 percent next year, up from about 2.5 percent this year, the Bank of England said in a regular report on economic conditions from its regional staff.

“Pay growth had risen slightly,” the regional agents’ report said. “A significant number of contacts expected pay awards to increase towards 2.5-3.5 percent over the next year, from 2–3 percent in 2017. That uplift showed some signs of coming through for the minority making decisions in late 2017.”

The central bank also said that businesses reported growing labour shortages and investment plans that were “consistent with modest growth”. (Reporting by David Milliken; editing by Kate Holton)

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