Reacting to the latest ONS labour market figures, Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce said: “Today’s figures show pay for individuals may be improving, but the current situation offers little comfort to businesses up and down the country. Firms are still struggling to contain wage inflation arising from candidate’s expectations and workforce pay settlements. “At the same time, recruitment issues remain a top concern for business. The latest research by the BCC shows record numbers of organisations reporting hiring difficulties – particularly in the hospitality, retail and manufacturing sectors. “The fall in the overall number of job vacancies reflects a weakening economic outlook and BCC’s Quarterly Economic Forecast published last week predicts further growth in unemployment during the next three years. “Underneath these headline figures the skills crisis continues and the labour market picture will remain challenging. Our message to policymakers is clear, invest in skills now for a more prosperous economy”. Norfolk Chambers of Commerce: Recent BCC research shows businesses are suffering from hiring difficulties, especially in hospitality, retail, and manufacturing – all sectors that Norfolk’s economy has in abundance. This further emphasises what was set out in our LSIP: the pressing need to invest in skills and employment opportunities. The concern over the growth in unemployment and the lack of skills is a key issue affecting many business in Norfolk. We’ll be exploring these concerns and discussing ways we can support Norfolk businesses at our upcoming Business Breakfast, on the 19th September 2023.
