Emily Stubbs, Head of Policy at Greater Birmingham Chambers of Commerce, said: “Vacancies are still falling and wage growth has decreased to its slowest pace for nearly two years, but we will have to wait and see whether this, together with overall inflation figures, is enough for the Bank of England to finally reduce the base interest rate in August.
“Despite signs of a cooling labour market nationally, the Chamber's latest Quarterly Business Report found that almost two thirds of Greater Birmingham businesses continue to experience difficulties recruiting new staff, and three in ten are concerned about labour costs. The announcement of measures in the King’s Speech, including plans to get people back into employment post-Covid and reform the apprenticeship levy are very much welcomed as means to hopefully ease these challenges.
“However, to meaningfully increase business investment in training and drive economic growth, the government must directly address the unrelenting cost pressures firms are facing. A good place to start would be to implement their manifesto pledge to reform business rates.”
