Real Wages to Rise in Early 2020 in Britain, But Uncertainty to Reign in Labor Market
Even though Brexit has wreaked havoc on the economy, Britain has been enjoying record unemployment levels lately and kept the labor market
According to a forecast by the Resolution Foundation, real wages in Britain are estimated to rise to pre-financial crisis levels by early 2020. Despite economic growth in Britain languishing on account of Brexit uncertainties, pay adjusted for inflation is expected to register a sharp growth at the beginning of next year.
Even though Brexit has wreaked havoc on the economy, Britain has been enjoying record unemployment levels lately which has kept the labor market robust. However, the Resolution Foundation cautions, “The big question for 2020 is whether (the labour market) can continue its strong run, or whether it will reach a tipping point and reconnect with weaker growth performance.”
The foundation has also highlighted that job vacancies are on the decline while unemployment among the youth is on the rise in Britain. Meanwhile, productivity is staggering even as wage growth continues weakly, which could put pressure on Britain’s strong labor market into 2020.
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