No sign yet of an upturn in pay awards
Article Abstract:
There was no noticeable effect of the increase in inflation on pay settlements as of August 1997. The inflation rate grew from 2.9% in June to 3.3% in July and the pay settings were mostly determined before July and the announcement of the increased inflation. So, the impact maybe felt after a time-lag. Data from 101 settlements between June and August 1997 shows that pay settlements continued at 3% across the whole economy and the weighted media has risen to 3.8%. There is some discussion the wage drift and an analysis of the impact of retail price inflation on pay-setting.
Publication Name: Pay and Benefits Bulletin
Subject: Law
ISSN: 0143-8328
Year: 1997
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Pay pressures remain weak
Article Abstract:
Wage settlements remained at a headline 3% for the entire British economy in July 1996, the fourth month in a row. Effects of inflation have been minimal, but inflation is expected to increase in 1997. The Bank of England, NIESR, London Business School and Credit Lyonnais Laing all predict rising inflation. Some industry groups have received pay raises at least 1% above headline inflation, such as building and allied trades. White collar workers at ICI chemicals, Tesco retailers and BT engineers also got such raises.
Publication Name: Pay and Benefits Bulletin
Subject: Law
ISSN: 0143-8328
Year: 1996
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Inflation down but not out
Article Abstract:
The UK economy in early 1997 is marked by declining inflation and unemployment, but inflation could affect wages later in the year. A tighter labor market and increased consumer demand could lead to wage or price inflation, although economists disagree in their forecasts of these trends. The UK election and possible change in government leadership could also affect spending patterns and inflation.
Publication Name: Pay and Benefits Bulletin
Subject: Law
ISSN: 0143-8328
Year: 1997
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