Political uncertainty takes toll on UK pay packets

New data has found that due to economic and political uncertainty, salaries have suffered a pay-freeze or decrease over the past 12 months.

The Jobrapido data found how the majority of UK salaries (53%) suffered, with 24% of those freezing and 29% actually decreasing.

Those falling victim to stagnant salaries included employees working in sales/personal care and a wide range of management occupations.

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Rob Brouwer, CEO of Jobrapido, commented: “Undoubtedly the climate of political and economic uncertainty in the UK has taken a toll on people’s salaries over the past twelve months and the latest forecasts from the OECD predict no-deal Brexit will slice almost 3% from the UK economic growth over the next three years compared with just 0.6% from the rest of the EU. But, of course, it remains to still be seen what happens at the final Brexit hurdle.”

Adding: “That said, nearly half of UK salaries have shown modest increases and there is a growth of new jobs, for example in most of the technological and fast-growing AI related fields, where demand far outweighs supply and those who have the skills are being rewarded with princely salaries.

“Whilst UK workers may have to brace themselves for a time of salary-stagnancy, current climate presents a good time to re-evaluate career paths and look at acquiring new skills or even re-training in a new occupation. Perhaps it is time for make this happen and seize available opportunities despite adversity,” he concluded.

Tags : economypaysalary
Alex Douglas

The author Alex Douglas

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