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Job creation on the cards for 2015, says CBI Job creation on the cards for 2015, says CBI
(about 7 hours later)
The CBI says half of UK businesses are planning to expand their workforce next year, with more permanent jobs being created than temporary ones. Half of UK firms plan to expand their workforce next year, with more permanent jobs being created than temporary ones, the CBI has said.
The business lobby group says all UK nations and regions are expected to expand employment and prospects for young people are better than last year. The business group said all UK nations and regions were expected to expand employment, and prospects for young people were better than last year.
However, it warned that skills gaps could prevent some of those jobs being filled. However, it warned that that skills gaps could prevent some of those jobs being filled.
Firms also expressed concern about new regulation damaging job creation.Firms also expressed concern about new regulation damaging job creation.
Its survey heard from more than 300 firms which collectively employ more 1.25 million people. The CBI's survey heard from more than 300 firms which collectively employ more 1.25 million people.
The survey also had positive news on pay, with rises anticipated in 2015, albeit at a "cautious" rate.The survey also had positive news on pay, with rises anticipated in 2015, albeit at a "cautious" rate.
GrowthGrowth
The CBI's findings indicate the trend seen in official employment and pay statistics is likely to continue. The CBI's findings indicate that the trend seen in recent official employment and pay statistics is likely to continue.
The most recent data showed wage growth in the UK was picking up.The most recent data showed wage growth in the UK was picking up.
The Office for National Statistics (ONS) said average earnings excluding bonuses were up 1.6% from a year earlier and the number of people unemployed down by 63,000 to 1.96 million. The Office for National Statistics (ONS) said average earnings excluding bonuses were up 1.6% from a year earlier and the number of people unemployed was down by 63,000 to 1.96 million.
The CBI's deputy director general, Katja Hall, said: "We want to see everyone enjoy the rewards of the economic recovery. The CBI's deputy director general, Katja Hall, said: "We want to see everyone enjoy the rewards of the economic recovery."
"Growth should work for everyone, and skills are the key route to ensuring that this happens through improved productivity and pay."Growth should work for everyone, and skills are the key route to ensuring that this happens through improved productivity and pay.
"It's a concern that the UK's growing skills gap is now seen as the number one workforce threat to the long-term health of its economy."It's a concern that the UK's growing skills gap is now seen as the number one workforce threat to the long-term health of its economy.
"Companies and the government need to work together to find ways to develop skills within the workforce and help employees move into higher skilled and better paid jobs." "Companies and the government need to work together to find ways to develop skills within the workforce and help employees move into higher skilled and better paid jobs," she added.
Lost groundLost ground
Martin Weale, a member of the Bank of England's interest-rate setting committee, is expected to tell Monday's Wake up to Money programme on BBC Radio 5 live that he, too, is confident the employment picture is improving. Martin Weale, a member of the Bank of England's interest-rate setting committee, told BBC Radio 5 live's Wake up to Money programme that he, too, was confident the employment picture was improving.
"When I go and visit businesses throughout the country, I find that they are talking of pay increases in a way quite different say from what I was hearing early in the year, certainly this time last year," he will say. "When I go and visit businesses throughout the country, I find that they are talking of pay increases in a way quite different say from what I was hearing early in the year, certainly this time last year," he said.
"I'm getting a more general sense now that people are talking about pay increases which are materially higher than they'd offered in the past, whereas a year ago I would come across quite a few firms saying they were going to have a pay-freeze.""I'm getting a more general sense now that people are talking about pay increases which are materially higher than they'd offered in the past, whereas a year ago I would come across quite a few firms saying they were going to have a pay-freeze."
The TUC's general secretary, Frances O'Grady, pointed out there was a lot of lost ground to be made up: "After seven years of falling wages and few decent pay rises on offer, Britain's workers are set to wait years for their living standards to get back to where they were before the financial crisis." The TUC's general secretary, Frances O'Grady, pointed out there was a lot of lost ground to be made up.
"After seven years of falling wages and few decent pay rises on offer, Britain's workers are set to wait years for their living standards to get back to where they were before the financial crisis," she said.
"We need stronger growth and better labour market regulation, to ensure that the rewards of the recovery are fairly shared and to avoid getting stuck with a low value, cut-price economy.""We need stronger growth and better labour market regulation, to ensure that the rewards of the recovery are fairly shared and to avoid getting stuck with a low value, cut-price economy."