Martin Beck

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Last quote by Martin Beck

The 'lost decade' for pay the past 10 years is only a taste of things to come.feedback
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May 17 2017
This page is completely dedicated to what Martin Beck has to say. All of Martin Beck’s quotes are organized here by date and topic. The most recent quote attributed to Martin Beck came from an article called UK workers suffer first pay squeeze since 2014: “It is now hard to see where a pay revival in Britain will come from.”.
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Given that this pre-dates the worst of the inflationary pressures, it provides further evidence that 2017 is likely to be a very tough year for the consumer, with little or no scope to offset the headwinds from higher inflation by borrowing more.feedback

Higher inflation will be the key culprit in the sharp slowdown in consumer spending growth this year, cutting off what has been an all-too-brief revival in real pay growth and continuing the dismal picture for real earnings seen since the financial crisis. There should be some improvement in 2018, as inflation begins to cool, but even then we anticipate real wage growth of just 0.7pc. It is likely to be 2019 before workers begin to enjoy more 'normal' rates of real wage growth again.feedback

So the weak pound may already be delivering some upsides. But the downsides of that weakness in pushing up inflation means that GDP growth in the near-term may struggle to match Q3's performance.feedback

We don't really know how the future shape of the economy is going to evolve. We don't know whether we will have a 'soft Brexit' or a 'hardBrexit' … Every day is bringing new stories, new rumors, the picture is constantly evolving.feedback

We think over the next six months or so we will start to see the after effects of that vote coming to play. The falling pound is going to push import prices up, will raise inflation, that will depress consumers' purchasing power and as Brexit becomes more of a hard reality, the business investment is likely to suffer because of the uncertainty around what will be the U.K.'s trade future relationships with the EU.feedback

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