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UK Firms Intend To Lift Pay By 2-3%

The UK labor cost growth had been modest with pay awards clustered around 2-3 percent, according to Agents' summary of business conditions, published by the Bank of England on Wednesday.

Nonetheless, respondents said recruitment difficulties had edged higher and were gradually broadening across sectors and skill areas.

According to summary, overall employment intentions remained moderate.

Consumer spending growth slowed slightly, reflecting increased caution among consumers. Further, the report showed that investment intentions remained moderately positive overall.

Credit availability had improved slightly for small companies, while corporate credit demand had remained muted, the report revealed.

by RTT Staff Writer

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