Brits are benefitting from a rise in wages for the first time in years, after the Brexit vote and a subsequent shortage of labour across sectors, the Bank of England claims.
Whilst not specifically mentioning immigration, bank economists talked of “labour market tightness leading to upward wage pressure,” which is likely to be linked to a fall in the availability of migrant labour.
Gertjan Vlieghe, who sits on the Bank of England’s Monetary Policy Committee, has noted: “We are hearing a lot that firms are finding it more difficult to recruit, not just in isolated sectors but there is more broad-based pressure. They are starting to respond to that by paying a little more.
“I am also hearing from a lot of people that their employees seem more confident to be willing to move jobs for higher pay, whereas previously they might have stuck with what they had.
“So it is early days, but I do think there is some evidence the process of labour market tightness leading to upward wage pressure has now begun.”
According to The Telegraph, he told the Treasury Select Committee that record low unemployment is one factor causing this, as joblessness has dropped to 4.3%, the lowest level in 42 years.
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Source: breitbart.com
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