British employees will face new hit to spending power in 2018

British employees will face new hit to spending power in 2018

UK employees are expected to face another hit to their spending power next year, while the vast majority of their peers in the world's other well-developed economies will enjoy small gains, as human resources company Korn Ferry informed on Tuesday.

A combination of high inflation, provoked in large part by the 2016 Brexit vote as well as poor wage surge means UK employees are expected to see their salaries dive in real terms by approximately 0.5% in 2018, according to a poll issued by the company.

As the most recent official data states, UK average weekly earnings declined by an annual 0.4% in the three months to September when updated for inflation.

Worldwide, inflation-adjusted wages are believed to soar by 1.5% in 2018, Korn Ferry told, which is the weakest forecast soar for five years. It definitely underscores the challenge for policymakers in many countries with low unemployment and poor wage surge.

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