Bank of England governor sets timetable on pay increases
For a great many people in the UK economy, the feel-good element of the recovery has been somewhat threadbare.
While unemployment has plunged, the failure of pay rates to keep up with inflation has meant that people have been continuing to feel the pinch, despite low inflation in the past year.
The Bank of England has forecasted that this overall trend will continue for the whole of this year, with average pay rising by just 1.25 per cent.
Reflecting on when this might change, the bank's governor Mark Carney has been addressing the annual conference of the Trades Union Congress in Liverpool.
He noted that overall hiring levels in the UK have been much higher than elsewhere and that the low levels of wage settlements have enabled employers to take on more staff than would have been the case otherwise, aided by a growth in the supply of labour as the workforce has expanded to record levels.
However, Mr Carney said, this situation will not persist. Real terms wage growth will resume in the middle of next year and three years hence will be running at an average of four per cent.
Finance sector workers may ask how all this may affect them, particularly in view of how the sector has performed in pay terms over recent years
The 2014 Marks Sattin Insight Report found 71 per cent of finance sector workers have had a pay review within the past year, something many people in other sectors have not enjoyed. Moreover, 67 per cent received a pay rise, compared with 32 per cent whose income was frozen and just one per cent who asked to take a cut.
Overall, 46 per cent of permanent employees were satisfied with their remuneration and 30 per cent were dissatisfied, with the satisfaction levels being very slightly better for contract staff.
While this situation may be better than that experienced in some parts of the economy, it may open up the possibility that finance workers will be able to enjoy greater pay and rewards in the near future - if not in their own jobs, then by moving to a rival willing to offer a better package.
Signup to receive the latest discipline specific articles
Related articles
Teaser
GovernanceContent Type
Fintech
18/04/24
Summary
The role of risk and compliance in financial services As a sizeable, growing portion of the financial services sector, risk and compliance play a vital role in ensuring that firms conduct busine
by
David Clamp
Teaser
Executive SearchContent Type
General
18/04/24
Summary
Private equity (PE) is a growing industry that has always attracted ambitious top talent due to its high risk/high gain capital investment. Pre-covid, we saw the global private equity industry b
by
Tracey Alper
Teaser
Commerce & IndustryContent Type
General
18/04/24
Summary
What is financial contracting? Financial contracting refers to the practice of hiring finance professionals on a contractual basis to fulfil specific roles or projects within an orga
by
Kelvin Murphy
Related jobs
Salary:
£65,000 - £75,000 per annum
Location:
Alfreton, Derbyshire
Industry
Consumer & Retail
Manufacturing
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£70,000 - £80,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Marks Sattin are working with a fantastic PE Backed FMCG Organisation on the Derbyshire / Nottinghamshire border to recruit a Head of FP&A.
Reference
BBBH179456
Expiry Date
01/01/01
Author
Anthony MillsAuthor
Anthony MillsSalary:
£70,000 - £80,000 per annum
Location:
Bournemouth, Dorset
Industry
Technology
Qualification
None specified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
IT Analysis
Contract Type:
Permanent
Description
IT Requirements Engineer
Reference
BBBH180099
Expiry Date
01/01/01
Author
Ghazal MayahiAuthor
Ghazal MayahiSalary:
£36 - £41.5 per hour
Location:
Manchester, Greater Manchester
Industry
Healthcare
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£250 - £350
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
Senior Transactional Lead | Manchester | Up to £41.50 per hour | 3 month contract | Hybrid
Reference
BBBH180097
Expiry Date
01/01/01
Author
Jamie MillerAuthor
Jamie MillerSalary:
Up to £50,000 per annum
Location:
City of London, London
Industry
Consumer & Retail
Qualification
None specified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Cloud & Infrastructure
Contract Type:
Permanent
Description
IT Support Manager
Reference
BBBH180096
Expiry Date
01/01/01
Author
Alex SimmonsAuthor
Alex SimmonsSalary:
Up to £50,000 per annum
Location:
Manchester, Greater Manchester
Industry
Energy, Resources and Industrial
Qualification
Finalist / Newly qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Part Qualified & Transactional Finance
Newly Qualified Finance
Contract Type:
Permanent
Description
Our client, a market leading Technology business headquartered in Manchester City Centre are currently searching for an ambitious Commercial Finance Analyst to join their team.
Reference
BBBH180095
Expiry Date
01/01/01
Author
Tany YunosAuthor
Tany YunosSalary:
€45,000 - €60,000 per annum
Location:
Utrecht
Industry
Real Estate
Qualification
Part qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Onze klant houd zich bezig met innovatieve oplossingen voor de ontwikkeling van duurzame steden en samenlevingen. Hier speel jij een cruciale rol in het beheer van diverse vastgoedportefeuilles.
Reference
BBBH179228
Expiry Date
01/01/01
Author
Guido BuwaldaAuthor
Guido BuwaldaSalary:
€45,000 - €65,000 per annum
Location:
Utrecht
Industry
Private Equity
Qualification
Part qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Momenteel zijn wij voor een private equity firm in Utrecht op zoek naar een Controller. Zij investeren in (potentiële) marktleiders - tot ca 500 mln omzet - met als doel om de waarde te verhogen
Reference
BBBH179535
Expiry Date
01/01/01
Author
Guido BuwaldaAuthor
Guido BuwaldaSalary:
£100,000 - £120,000 per annum
Location:
Bolton, Greater Manchester
Industry
Consumer & Retail
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£100,000 - £125,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Exciting Finance Director role paying between £100,000 and £120,000 working for a PE backed retail and distribution business based in Bolton.
Reference
BBBH180076
Expiry Date
01/01/01
Author
Nathan JonesAuthor
Nathan JonesSalary:
£280 - £305 per day
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
Fully qualified
Market
Professional Services
Salary
£250 - £350
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
You will be working with the business for a period of 9 months + and will be required to work in the office 2/3 days per week.
Reference
NH - 180090
Expiry Date
01/01/01
Author
Niamh HellewellAuthor
Niamh HellewellSalary:
£180 - £200 per day + + Hybrid Working (2 days WFH)
Location:
London
Industry
Investment Management
Qualification
None specified
Market
Financial Services
Salary
£150 - £250
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Contract
Description
We are recruiting for an Interim Accounts Payable to join a Global Investment Firm. The position is in London on a contract basis.
Reference
BBBH180087
Expiry Date
01/01/01
Author
Deem NaPattaloongAuthor
Deem NaPattaloong