BREXIT BOOST: UK wages and job postings surge despite fears over UK's divorce from EU
BRITAIN’S labour market is experiencing an increase in wages and job postings despite uncertainty over Brexit.
UK labour market is experiencing an increase in wages and job postings
The positive outlook came as naysayers claimed the exit from the European Union would have a negative impact on UK jobs and businesses.
But job site CV-Library found that salaries had actually risen 1.9 percent year-on-year in February above the national inflation rate of 1.8 percent.
Lee Biggins, founder of CV-Library, told Business Insider said: "With businesses keen to attract only the best candidates to their roles, it’s positive to see that companies across the UK are pushing their salaries up in order to offer competitive pay packages to talented recruits.
"With more and more organisations putting out job adverts, competition to attract skilled workers is fierce. The offering of strong pay packages is clearly one tactic that companies are using in an effort to stay one step ahead of their competition."
The growth is being seen across the UK - as salaries rose in Brighton by 9.9 per cent and residents in Edinburgh saw a 9.5 per cent uptick.
UK industries roared ahead with wages going up in key sectors
Hull saw a 8.6 per cent rise, while Bristol experienced salary growth of 8.6 per cent.
According to the Bank of England’s quarterly inflation report, an annual growth of 3.5 per cent was predicted this year above inflation of 2.8 per cent.
But this report emerges as several firms have had to backtrack on predictions that the UK economy would struggle to get its footing and be less buoyant post Brexit.
Morgan Stanley admitted that it had been among those predicting failure post Brexit
Morgan Stanley, the giant American investment bank, admitted that it had been among those predicting failure - but it had been wrong.
Instead, UK industries roared ahead with wages among the property sector up 8.7 per cent and manufacturing up 7.7 per cent.
Meanwhile, there was also more job postings on the site as vacancies grew by 7.6 per cent nationwide.