December 20, 2017 / 9:46 AM / 10 months ago

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

LONDON (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.

A statue is silhouetted against the Bank of England in the City of London, Britain, December 12, 2017. REUTERS/Clodagh Kilcoyne

“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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