UK Hiring and Pay Growth to Slow Later This Year

Fewer British employers expect to hire staff in late 2016 and will raise pay by less than inflation next year as the effects of the decision to leave the European Union set in, an industry body said on Monday.

The Chartered Institute of Personnel Development said more employers expected to hire staff than cut them in the fourth quarter of this year, but the net employment balance slowed to +22 in its latest survey from +27 in the previous quarter.

The CIPD also said wages in real terms were likely to fall next year because, for the second quarter running, employers expected to make basic pay settlements of just 1.1 percent while inflation is rising.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam