Member Article

Thames Valley firms plan wage increases

Companies in the Thames Valley have put pay rises on the agenda for 2016, with many business leaders reporting plans to increase wages, according to new research by Lloyds Bank Commercial Banking.

Influential business figures from across the region attended the latest annual Lloyds Bank Gameplan event in Reading last night, to discuss the issues that will shape the future of businesses both across the region and the UK.

94 per cent of businesses in attendance said they were planning on increasing employee pay packets over the course of the next year.

In addition, 94 per cent of management teams plan to invest in their business over the next 12 months to drive company growth, whilst 29 per cent of attendees believe that regional devolution will help re-balance the economy and encourage economic growth in Thames Valley.

The event brought together the region’s business leaders, policymakers, professionals and academics to discuss the opportunities and challenges facing Thames Valley businesses, and the wider UK economy.

Former BBC Breakfast presenter, Declan Curry, was joined by Professor Roger Steare, the Corporate Philosopher, who both hosted a debate about the state of play for businesses in the area.

Neil Foulkes, Area Director for Lloyds Bank Commercial Banking in the Thames Valley and South, said: “As we finally move into a period of sustained economic growth, we’re seeing wages rise at the quickest rate in six years. The good news for Thames Valley is, business leaders in the region expect the rise in pay packages to continue over the next 12 months.”

“The Gameplan events give us a snapshot view of how businesses are feeling in the area, helping us to understand what the future looks like so that we can provide tailored support to companies. The vast majority are planning to invest in the next year in order to generate further growth, which is good news for Thames Valley.”

This was posted in Bdaily's Members' News section by Ellen Forster .