LONDON (Reuters) -British businesses have the weakest hiring intentions since 2020 and expect the fastest consumer price inflation since early 2024, according to a Bank of England survey on Thursday
UK firms' hiring plans are joint weakest since 2020, BoE survey shows
Overview of Hiring Intentions
(Corrects paragraphs 1 and 2 to show hiring intentions are the joint weakest since 2020, not the outright weakest)
Current Employment Expectations
LONDON (Reuters) -British businesses have the joint weakest hiring intentions since 2020 and expect the fastest consumer price inflation since early 2024, according to a Bank of England survey on Thursday which highlights the challenges facing the central bank.
Inflation Projections
The Decision Maker Panel survey showed that businesses in the three months to September expected to keep employment steady over the next 12 months, the first time since January that they had not expected to increase staffing. Prior to that, such a reading had not been recorded since 2020.
Historical Context
More volatile single-month data showed expectations for a 0.5% rise over the next 12 months after a 0.5% drop in August.
Future Economic Implications
Businesses polled in September expect consumer price inflation to rise by 3.4% over the next 12 months, the same expected rate as in August. Three-month average expectations show an expected rise of 3.4%, the most since February 2024.
(Reporting by David Milliken; editing by Sarah Young and William Schomberg)
