Economic Issue

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Student’s Name Course Tutor’s Name Date The Increase in the UK Wages Above the Inflation Due to Brexit as an Economic Issue Article’s Title: “UK wages soon to catch up with inflation, Bank of England survey finds” Q1 It is reported that there will be an increase in wages more than inflation in all segments apart from Brexit-hit construction. British employees should expect the highest annual increase in wages in ten years because the growing minimum wage and shortages of workers eventually start raising wages more than inflation. Besides, in 2018, firms are set to raise wages by 3.1 percent as compared to 2.6 percent in 2017 (Partington 1). The survey indicated that pay rise across all sectors was expected except for the construction industry, which is entertaining economic downturn during dropping levels of work since the Brexit. The indications of pay rise have been examined to validate increasing rates of interest from the bottom level in ten years. In the same vein, the central bank mentioned that it might raise the borrowing cost earlier and more significantly than anticipated in the past to offset inflexibly high inflation (Partington 1). Similarly, the report also shows that rise in employees’ wages should start to pressurize inflation this year, counteracting a slow drop in the price growth that remained constant after the EU referendum, the time when the unexpected fall in the pound lifted the food and fuel import cost to Britain. It has also been noted that hiring challenges among companies increased and the highest pay increases were expected among consumer service companies, which are expected to have more employees on the minimum

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