UK companies plan to raise average pay for 2018, according to Agents' summary of business conditions, published by the Bank of England.
The survey indicated that companies expected an average pay settlement rate of 3.1 percent in 2018 compared with 2.6 percent in 2017.
The 2017 outturn was higher than the 2.2 percent that had been expected in last year's survey, reflecting larger settlements across a broad range of sectors.
The increases in settlements this year are also expected to be broad-based, with only the construction sector reporting the same settlements as in 2017.
Agents' summary also showed that growth in activity had held steady at a moderate pace.
Professional services firms had reported a pickup in growth and goods export volumes had strengthened. Meanwhile, construction output growth had continued to slow.
by RTT Staff Writer
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