Serving by an economist with the free market Institute of Economic Affairs, Julian Jessop, the figures show that a post-Brexit Britain is on the rise, and mean that the UK is back to pre-Covid levels of economic activity. Official figures show that the introduction of 241,000 payroll jobs added in August of this year has infatuated the total back to pre-Covid levels.
Mr Jessop shared a graph showing figures of payroll employees for a period between July 2014 and August 2021 which highlights that the gang of employees declined between February and November 2020, before rising more recently.
The Office for National Statistics info shows that the host of payroll employees increased by 241,000 to 29.1 million in August, which has caused a lift in employment in regions of the UK to pre-pandemic levels except in London, Scotland and south-east England.
The designs, which are collected from HMRC data, show a surge in payroll jobs which could be due to the relaxation of lockdown rules in July, which sparked a stream of hiring in the UK job market.
The rise is likely due to employers scrambling to hire staff after widespread labour shortages during numerous lockdowns, and the influx in rent has helped to return the number of workers on company payrolls to pre-pandemic levels in August.
Industries including the hospitality sector took a huge hit during the in the end year due to the UK leaving the EU and also saw damage to the economy caused by coronavirus.
Professional services group BDO’s latest business trends report found that the farm outs market strengthened post-July as hospitality venues were able to operate without Covid-related capacity limits.
READ MORE: BoE warns purchasers that £20 notes to become void – cut-off date looms
He also stated another reassuring figure, showing that there was an underlying even pay growth averaging between 3.6 percent to 5.1 percent.
He referred to the pay growth as a “goldilocks” situation, asking his 12.4k followers to think of “porridge” in regard to the fairytale, citing that the current growth hits a happy medium point.
He did point out though that if the rate continues to grow at its advised rate, it could impact inflation in the long-term.
When referencing the wage growth, he said it was: “Hot enough to boost spending power, but not so hot that it should no joking worry the BoE.
“However, if wage growth remains this strong, rising labour costs will add to price pressures, keeping inflation shrill for longer.”
These wage growths could also be a resulting factor of Brexit, as pressure on global supply chains, and problems importing ethicals and materials due to the UK’s exit from the EU had a knock-on effect.
These factors resulted in increased costs along with rising wages as employers prove profitable more to attract and retain talent, according to BDO’s report.