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Pay Awards Increase at Slowest Pace in a Year in Britain

According to recent research by XpertHR, British companies offered the lowest annual pay awards in over a year during the three months till January 2020, a factor that is likely to contribute to the slowdown in economic growth in the country. The median annual pay hike for employees in Britain declined to 2.1% in Q4 2019, the lowest levels seen since Q4 2018.

XpertHR also indicates that this could likely continue into this year, with employers turning more cautious about offering pay hikes to the workers in the wake of uncertain business conditions. A slowdown in wage growth has an overall impact on the country’s GDP which faces risks in the wake of weakening economic data overall as well as ongoing Brexit related uncertainties.

According to official government data, the pace of increase in average earnings slowed from 4.0% in Q2 2019 to 2.9% in Q4 2019. Although Britain enjoys record low unemployment levels, lower increases in wages is likely to weaken domestic consumption and add further pressure on its economy.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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