The eye watering economic expansion continues as Britain is set to rival China in GDP growth this year.
And there’s more good news for workers as Britain’s booming ecomony has led to the largest increase in job offers in 8 years. Over the last 3 month period, vacancies averaged over 950,000 a month, with July hitting over the 1 million job openings mark.
While there is still a gap in payrolls since the pandemic hit, Britain is on the way up and quickly piling on jobs across all sectors.
Employees on payrolls also rose by 182,000 last month, with headline unemployment falling from 4.8% to 4.7%. With now a renewed focus by companies to find talented workers, there’s been a considerable uptick in wages due to a shortfall in available staff. This could continue through the rest of the year, keeping salaries more competitive and giving UK workers a boost.
While it is too early to link an increase in wages to Brexit, Britain’s departure from the EU has created a skill shortage in several industries, with increased competition among businesses to recruit and keep talent.
As Britain emerges from the worst economic recession since WW2, there’s growing optimism that the successful vaccine rollout and pent up savings can help to revive businesses, particularly in leisure and entertainment that were hit hard by closures and social distancing restrictions.
All eyes are now on Britain’s inflation, which could rise as wages increase and worker shortages intensify.