Recent survey evidence suggests that wage growth may finally be starting to recover. The latest surveys from both the Recruitment and Employment Confederation (REC) and the British Chambers of Commerce (BCC) suggest that wage growth has begun to pick up in the last few months. But this recovery is likely to be subdued thanks to the large amount of spare capacity in the labour market. It could well be a number of years before real earnings return to their pre-crisis level.
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