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BoE - 2 Kevin Coombs - 2 XpertHR - 2 Sheila Attwood - 2 Suban Abdulla - 2 Andy Bruce - 2 Toby Melville - 1 " Hann - 1
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6 mentions found


☆ UK business optimism at 18-month high on hopes for rate hike pause
  + stars: | 2023-08-30 | by ( ) www.reuters.com   time to read: +2 min
Workers walk through the Canary Wharf financial district, ahead of a Bank of England decision on interest rate changes, in London, Britain, August 3, 2023. Contrasting with signs of an economic slowdown in other recent surveys, the Lloyds Bank Business Barometer measure of confidence jumped by 10 points in August to 41%, its highest since February 2022. "The bounce in economic optimism this month is the stand-out point," Hann-Ju Ho, senior economist at Lloyds Bank, said. The BoE raised rates for the 14th time in a row this month to counter an inflation rate running at almost 7%. Investors mostly expect the Bank Rate to peak this year at 5.75%, up from its current level of 5.25%.
Persons: Toby Melville, " Hann, Ju Ho, BoE, William Schomberg, Bernadette Baum Organizations: Bank of, REUTERS, Bank of England, Lloyds Bank, Lloyds, Thomson Locations: Bank of England, London, Britain, Ukraine
☆ UK pay deals cool for first time in 2023, easing pressure on BoE: XpertHR
  + stars: | 2023-08-22 | by ( ) www.reuters.com   time to read: +1 min
Median basic pay deals in the three months to the end of July fell to 5.7% following six consecutive quarters at a record 6%, human resources publication and data provider XpertHR said. Pay awards remained below the rate of inflation. Sheila Attwood, senior content manager at XpertHR, said pay awards had likely hit their peak and expects the gap between pay deals and inflation to narrow. However, official figures from the Office for National Statistics showed annual wage growth excluding bonuses rose to 7.8% in the three months to June, the highest in records going back to 2001. XpertHR said median pay awards for the public sector stood at 5% in the year to July, up from 3.2% in the year before.
Persons: Kevin Coombs, XpertHR, BoE, Sheila Attwood, Attwood, Suban Abdulla, Andy Bruce Organizations: REUTERS, Companies Bank of England, Bank of England, Office, National Statistics, Thomson Locations: Canary Wharf, London, Britain, XpertHR
☆ British pay awards still lag inflation, but hold at record 6%: XpertHR
  + stars: | 2023-07-18 | by ( ) www.reuters.com   time to read: +2 min
Britain's households have been grappling with the highest rate of consumer price inflation among the major rich economies. The latest inflation data is due to be published later on Wednesday. XpertHR said median pay deals for the public sector stood at 4.5% in the year to June. Prime Minister Rishi Sunak last week offered wage increases of between 5% and 7% to several groups of public sector workers, to help settle months of public sector strikes. However, the pay rises were below Britain's inflation rate, and industrial action is still scheduled to take place over the coming weeks, with airport and public transport workers among others planning to walk out.
Persons: Kevin Coombs, Sheila Attwood, XpertHR, Rishi Sunak, Suban Abdulla, Andy Bruce Organizations: REUTERS, Kevin Coombs LONDON, Reuters, Bank of England, Thomson Locations: Canary Wharf, London, Britain, XpertHR
☆ What is Bank of England watching as it considers peak in rates?
  + stars: | 2023-02-06 | by ( Andy Bruce | ) www.reuters.com   time to read: +3 min
At a news conference on Thursday, BoE officials outlined the economic indicators they will be watching most closely as they weigh up whether to raise rates again, or leave them at 4%. Official wage growth data also shows record growth in private sector earnings, excluding the coronavirus pandemic period when pay was distorted by government support. Long-run inflation expectations, as measured by the Citi/YouGov survey, have returned within touching distance of their pre-pandemic norm of just above 3%. The strength of inflation in services - which largely reflects domestic price pressures, unlike goods which are typically imported - is one source of unease. Members of the Monetary Policy Committee see that data as a gauge of underlying inflation in the economy.
☆ UK business confidence withers away, surveys show
  + stars: | 2022-10-18 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Oct 19 (Reuters) - Confidence among British businesses has dropped precipitously, damaged by a toxic combination of rising costs and economic turmoil, surveys showed on Wednesday. The Federation of Small Businesses (FSB), a trade body, said its latest small business confidence index fell to -35.9 from -24.7, the worst reading outside of COVID-19 lockdowns. The surveys underline the threat of recession and scale of the task facing new finance minister Jeremy Hunt in turning Britain's economy around. "Recent political and economic turmoil hasn't helped, which is why it is vital the government focuses on stability," said FSB national chair Martin McTague. The FSB said 68% of small businesses had raised pay over the last year, with wage increases averaging 4.5%.
☆ UK pay deals hold at 4% for fifth month - XpertHR
  + stars: | 2022-09-20 | by ( ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterBefore this year, pay deals were last as high as 4% in 1992. However, XpertHR said pay deals were much bigger in 1990, the last time inflation was near current levels, when the median pay deal stood at 9.4%. "While inflation dipped very slightly this month, the consensus remains that we're by no means out of the woods and employees will continue to see a real-terms pay cut," XpertHR pay and benefits editor Sheila Attwood said. XpertHR's data is based on the median pay settlement across 99 deals reached in the three months to the end of August, which affected more than 1 million workers. Pay deals averaged 4% in the services sector and 3.5% in manufacturing.
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