The Bank of England has been urged to cut interest rates to break a “holding pattern” for the economy which has contributed to falls in Northern businesses hiring new workers.
The latest KPMG and REC, UK Report on Jobs: North of England has been published today following questionnaires being sent to around 150 recruitment and employment consultancies in the North of England. March survey data saw the number of permanent staff appointments fall at a strong rate, continuing a trend seen in the opening two months of the year. The placement of staff into permanent roles across the North of England fell for the ninth month running in March.
“The data here should support a decision by the Bank of England’s Monetary Policy Committee to loosen its grip on growth in the near-term future.' Mr Carberry added: “Pay growth across the UK has slowed significantly across the UK, and is now below the survey’s long-term average for new permanent roles. 'We are seeing the slowest rise in starting salaries in The North for three years, for example. Some sectors – like the bellwether firms in construction – need a clear signal.
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