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News - 24 February 2015

Real wages to rise for first time since 2007.

According to a report from economic forecaster EY Item Club, UK workers are set to see their real pay rise this year for the first time since 2007.

Real wages - those taking out the impact of inflation - will rise by 1.8% this year, before "further steady rises thereafter", they have said.

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“Prices have risen faster than wages in recent years, but falling inflation means the situation has now reversed. EY said real average earnings in the UK have fallen by 8% since 2008, which is the biggest decline over any equivalent time period since records began in the mid-19th century.”

EY said rising real wages "would be consistent with a very gradual tightening of monetary policy" from early 2016 onwards. This means it expects to see interest rates to start rising from the beginning of next year.

Inflation in January fell to a record low of 0.3%. Meanwhile, average earnings including bonuses in the three months to December rose 2.1% from a year earlier. Excluding bonuses, earnings rose 1.7%.

The Item Club also forecast that the rate of unemployment, which currently stands at 5.7%, would return to its pre-crisis level of just above 5% by 2018.

If you need any help and advice with your PAYE, RTI or CIS, or are looking to outsource your Payroll Department, contact ABDS NOW to discuss how we can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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