Posted 3rd March 2023

"Businesses faced renewed difficulties with hiring staff last month as wage and cost pressures remained high, a Bank of England survey shows (Arthi Nachiappan writes). Forty-five per cent of businesses said they were finding it “much harder” than usual to recruit, up from 35 per cent in January, according to the bank’s survey of about 2,500 chief financial officers between February 3 and 17"

"The findings are likely to push up wages as companies compete for workers. Annual wage growth rose to 6.6 per cent in February, up from 6.3 per cent. Respondents expect wage growth to average 5.7 per cent in the next year"

Arthi Nachiappan

Economics Correspondent