More British employers are planning pay rises than at any time since the global financial crisis as they struggle to recruit staff following the coronavirus pandemic and Brexit, data from the Confederation of British Industry showed on Monday.
The CBI said 44% of businesses intended to raise pay in line with inflation and 24% planned above-inflation pay rises, the highest combined percentage since it started surveying businesses about this in 2009.
However he warned that businesses were likely to pass on higher wage bills to their customers unless productivity improved, especially as many also needed to repay loans taken out last year during the pandemic. Just over three quarters of the 422 firms polled by the CBI and recruiters Pertemps Network in late August said labour shortages were hurting competitiveness, the highest proportion in over five years.
Separately, manufacturing trade body Make UK said its members were seeing the fastest output growth in more than 30 years and expected output to return to pre-pandemic levels by the end of 2022, sooner than previously forecast.
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