ONS: Brexit uncertainty affecting candidate wages
Unemployment figures in the UK remain at their lowest rate recorded since 1971, however, wages aren’t mirroring this buoyant growth in employment.
According to estimates from the Office for National Statistics latest Labour Force Survey, average weekly earnings for employees in Great Britain fell by 0.5% during April to June 2017.
Total earnings are only 1.8% higher than this time last year – the slowest rate of increase witnessed since 2014.
Doug Munro, Co-Founder of Adzuna, believes that Brexit uncertainty is to blame. “Despite seeing some momentum building in certain regions according to Adzuna’s data, wage growth is likely to be stunted further than previously anticipated,” he warns. “Adding insult to injury, rail fares are set to rise by up to 3.6% for commuters, which will most likely hit workers in the capital hardest.”
The government has released a position paper outlining two possible visions for the UK’s long-term customs relationship with the EU after Brexit.
It proposes either a ‘streamlined customs arrangement’, where Britain unilaterally works to make its customs process as frictionless as possible, or a more formal customs partnership that would aim to remove the need for a customs border between the UK and the EU.
Both proposals would mean the UK leaving the EU customs union, and both envision Britain being able to forge its own international trade deals.
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