British public sector employers plan the biggest pay increases in over a decade and private sector deals are set to remain high, according to a survey published on Monday, potentially adding to worries at the Bank of England.
The Chartered Institute of Personnel Development said expected median pay settlements in the public sector for the coming 12 months rose to 3.3%, up from 2% in the previous three months, and the highest level since records started in 2012.
The BoE, which is concerned that strong wage rises could lead to high inflation becoming embedded in the economy, lifted the Bank Rate by a quarter percentage point toThe BoE on Thursday forecast stronger wage growth in the medium term than it previously anticipated. More than half of survey respondents in the public sector noted struggles with hard-to-fill roles and 45% expected similar problems in the next six months.
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