Brexit: UK stance 'won't ease EU standoff' says expert
When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.
According to recruitment firm Reed, the average salaries in the UK this year have increased by 18 percent for hospitality and catering workers, 10 percent in retail and 4 percent overall. The findings rebuked 2016 predictions by anti-Brexit campaigners that the UK would suffer a deep economic crisis from leaving the Brussels bloc.
According to Reed, the average salary in hospitality is now £26,888 compared to £22,701 last year and £23,425 in 2019.
The average salary in retail is now £29,310, it said, compared to £26,758 last year and £23,425 in 2019.
Celebrating the data, Leave EU campaigners wrote: “Still no sign of the economic Armageddon that pro-EU liars were predicting during the referendum!”
Across the Channel, Generation Frexit leader Charles-Henri Gallois also mocked deluded Remainers and Rejoiners.
He wrote: “News from Brexit UK: wages are up 4 percent!
“The prophets of Revelation are making a fool of themselves once again!”
The pound was steady in early London trading this morning, holding firm above $1.41 and showing no reaction to a delay in the UK’s lockdown easing plan, while investors took confidence from jobs data showing a record jump in employee numbers in May.
Jobs data released earlier in the session showed that the number of employees on British company payrolls surged by a record amount in May as pandemic restrictions eased – though it was still more than half a million below its pre-pandemic peak.
The figures also showed that wages grew at their fastest since 2007 in the year to April.
READ MORE: Von der Leyen: EU ‘in trouble’ and Germany at ‘dangerous’ point’
Marshall Gittler, head of investment research at BDSwiss, said: “The key point in my view is the much-higher-than-expected rise in wages. This is bound to be a point of discussion at next week’s Bank of England meeting.
“It’s positive for GBP as it makes normalisation of monetary policy more likely.”
The pound was also unaffected by the news that the UK is set to delay its reopening from COVID-19 lockdown restrictions by one month due to the rapid spread of the more infectious Delta variant.
Most restrictions were due to lift on June 21, but this much-anticipated step was pushed back to July 19.
Emmanuel Macron plot to force EU ‘model’ on NATO unravels [INSIGHT]
Brexit LIVE: Australia cheered for ‘fair’ deal – while EU blocks trade [LIVE BLOG]
Joe Biden accuses Donald Trump of ‘fracturing’ Republican Party [VIDEO]
But analysts remained optimistic about the pound’s prospects.
ING strategists wrote in a note: “We think that a delay in the full re-opening does not materially change the positive underlying economic recovery narrative for sterling, and data released this morning continued to endorse such narrative.”
MUFG currency analyst Lee Hardman said that he is maintaining a bullish view on the pound versus the dollar “in the belief that the economic outlook over the near-term will trump certain near-term risks that have emerged” relating to the Delta variant.
Speculators’ increased their net long position on the pound – bets that the pound will go up – in the week to June 8, CFTC data showed.
Sterling was also unaffected by news on Tuesday that the UK said it had agreed a trade deal with Australia.
The UK may have set a precedent with Australia which could create “negotiating difficulties” for future trade agreements, an expert has said.
Westminster’s first trade deal negotiated from scratch post-Brexit was announced on Tuesday.
Cabinet Office minister Michael Gove said trade deals with different countries will be “bespoke” and “appropriate to particular circumstances”.
He warned that other countries should not imagine that the Government “will be anything other than determined to get the best deal” for Britain’s producers and consumers when it comes to negotiations with them.
Source: Read Full Article