British jobs market saw a 16,000 increase in the number of unfilled job vacancies across the UK in the last quarter of 2018 bringing the total vacancies in the country to approximately 870,000 which represents the highest since the inception of comparable data according to the Office for National Statistics (ONS).
Though this reality has hit all sectors in the UK, services firms are most affected, ONS revealed. IT and communications businesses, providers of health and social care, and hotels and food services firms received a huge hit from the labor shortfall.
Employees in the UK have leveraged on the situation in the country to bargain for higher wages which resulted in an increase of 3.4% in weekly wages in 2018 according to Economists.
Unemployment in the UK has fallen to a level that has not been seen since the mid-1970s, and at the same time, the number of EU workers coming to Britain has fallen as a result of uncertainties regarding Brexit. Hence, companies are finding it extremely difficult to get needed workers which have led employers in the country to raise wage levels in order to get the required skills.
Stricter post-Brexit immigration rules will make things even more difficult which will ultimately slow the economy down, and consumer prices will rise, employers, warned.
Flexible Post-Brexit Migration System
It is imperative for the UK government to negotiate for a post-Brexit migration system that is flexible to stop a further slump in labor supply in the country, Jon Boys – Chartered Institute of Personnel and Development’s labour market economist, said.
EU nationals who wish to reside and work in the UK can look forward to favourable and stable conditions in the UK in the coming days.
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