Want a pay rise? Get a new job, says Bank of England

In part the factors behind the skills shortage are positive, however.

Manufacturing companies are hiring partly because they need to meet growing demand for exports, while accounting, legal, finance and IT companies also benefitted from “moderately” increasing turnover.

Consumer-facing companies reported their sales growth “continued to ease slightly”, however, as rising prices eat into shoppers’ spending power.

So far the Bank of England has not detected any signs of workers from other EU countries packing their bags, but it has noticed a marked decline in the number of staff from across the continent moving into the UK.


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