{"id":6138,"date":"2024-03-30T07:00:39","date_gmt":"2024-03-30T05:00:39","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=6138"},"modified":"2024-03-30T07:00:39","modified_gmt":"2024-03-30T05:00:39","slug":"uk-businesses-trim-hiring-and-pay-plans-lloyds-says","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=6138","title":{"rendered":"UK businesses trim hiring and pay plans, Lloyds says"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/uk-businesses-trim-hiring-and-pay-plans-lloyds-says.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>British businesses trimmed their plans for staffing and wage increases this month, according to a survey published on Wednesday that suggested April\u2019s big increase in the minimum wage is weighing on employers.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-1398128921\">\n<div id=\"cypru-1941699334\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-6872856941390-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>With the Bank of England watching for signs that inflation pressures are abating enough for it to cut interest rates, the Lloyds Bank Business Barometer\u2019s measure of staffing plans \u2013 or the gap between firms planning to hire and those planning cuts \u2013 fell to 27 per cent from February\u2019s almost two-year high of 36 per cent. The series\u2019 long-term average is 22 per cent.<br \/>\nThe share of firms expecting to increase wages by 3 per cent or more over the next 12 months fell slightly to 33 per cent from 35 per cent.<br \/>\n\u201cIt\u2019s possible the impending minimum wage rises in April are beginning to come into sharper focus for businesses \u2013 especially smaller firms,\u201d Hann-Ju Ho, a senior economist at Lloyds Bank Commercial Banking, said.<br \/>\nBritain\u2019s minimum wage will rise by nearly 10 per cent next month, and supermarkets and other retailers that pay staff only slightly more have raised pay ahead of the increase.<br \/>\nThe BoE, which last week kept interest rates on hold, has said wage growth remains high despite signs of a slowdown<br \/>\nThe Lloyds survey showed overall business confidence held at a net 42 per cent.<br \/>\nSeparately, the Resolution Foundation think tank said Britain\u2019s introduction of the minimum wage 25 years ago meant the pay of low earners was 6,000 pounds ($7,600) higher than it would have been had it risen in line with typical pay growth.<br \/>\n\u201cThe introduction of the minimum wage 25 years ago is the single most successful economic policy in a generation,\u201d Nye Cominetti, principal economist at the think tank, said.<br \/>\nThe share of workers on low pay \u2013 defined as an hourly wage less than two thirds of the median \u2013 fell from 22 per cent in 1999 to 9 per cent in 2023, he said.<br \/>\nRelative to typical wages, Britain\u2019s minimum wage is now one of the highest among advanced economies \u2013 similar to that in France and South Korea.<br \/>\n($1 = 0.7904 pounds)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>British businesses are reducing their plans for staffing and wage increases due to the impending minimum wage rise in April. The Lloyds Bank Business Barometer showed a decrease in the measure of staffing plans and the share of firms expecting to increase wages by 3% or more. The minimum wage in Britain will rise by nearly 10% next month, impacting businesses, especially smaller firms. The Resolution Foundation think tank highlighted the success of Britain&#8217;s introduction of the minimum wage 25 years ago in increasing the pay of low earners.<\/p>\n","protected":false},"author":3,"featured_media":6139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,1902,47,195,461,186,1498,3,1992,716,3251,2515,499,250,3330,3767,2514,1823,67,2020,899,1401,2841,16,3331,1538,948,4216,1229,494,1198,4217],"class_list":["post-6138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-bank","tag-bank-of-england","tag-britain","tag-british","tag-business","tag-confidence","tag-cyprus","tag-decrease","tag-economic-policy","tag-england","tag-february","tag-france","tag-google","tag-google-news","tag-growth","tag-hourly","tag-increase","tag-inflation","tag-inflation-pressures","tag-interest","tag-interest-rates","tag-introduction","tag-minimum-wage","tag-news","tag-resolution","tag-south-korea","tag-staffing-plans","tag-survey","tag-uk","tag-wage-growth","tag-wage-increases"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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