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Unemployment Falls followed by wages
Real UK wages are lagging behind steadily increasing inflation which grew 2.16% over the summer while earnings rose by just 2.1%. These figures follow 7 months of negative pay growth while inflation remains at a 6 year high. Therefore, while the economy is 4.4% bigger per person than 10 years ago, wages are still no higher. For actual people this means that essentials are becoming more expensive and most people in work are considerably worse off. One think tank has estimated that households are whopping £309 worse off than at this time last year.
A look at the UK skills gap as 2017 draws to a close
The UK skills gap sees British companies short 20,000 engineers and technicians every year. This means we will be in need of 1.8 million by 2025. The struggle to find qualified employees costs businesses £2 billion per year. A shocking 90% of employers have reported struggling to recruit employees in the last 12 months. In addition, companies are taking on average 2 months longer to fill vacancies which is costing them millions as they hike wages in order to attract staff. Many are opting to provide on-the-job training because they can’t find recruits with the required skills.GO TO THE BLOG