A recent survey by REC and KPMG revealed that initial wages rose last month at the fastest pace since records began in October 1997. The pay jump reflects both the huge demand from employers and the impact of rapid price increases, with companies raising staff salaries to offset the fastest inflation in three decades. Companies from IT to hospitality are struggling to fill vacancies, citing low unemployment, fewer workers in the EU and the uncertainty about the war in Ukraine, which has made many employees reluctant to change jobs. While sharp wage increases would usually be positive news for workers, the sharp rise in energy prices and inflation means that most will experience a sharp drop in living standards.

5 things to start your day with

  1. Sunak orders Bank of England to stop fossil fuel opposition Bank of England should consider lenders’ ‘significant role’ in boosting investment in the North Sea
  2. Cambo oil field back in the game as manufacturer bought for $ 1.5 billion Ithaca, which buys Siccar Point Energy, will consider the controversial North Sea project
  3. Globalization is dead, says Levi’s boss Supply chain issues and geopolitical forces have brought business into disarray
  4. Pushing the government from renewable energy sources means building unpopular projects near cottages
  5. P&O’s Dubai owner loses crucial role in Brexit Freeports initiative DP World’s role is being questioned amid outrage over the mass layoffs of 800 sailors

What happened overnight

Asian markets closed on Friday after a difficult week dominated by the Federal Reserve’s aggressive tone, which led to an aggressive tightening of monetary policy, while oil slipped after another series of losses. The area struggled to take the lead from Wall Street, which bounced back from strong day-to-day losses to end in a positive tone, having sunk in previous sessions as traders worried about the prospect of higher interest rates. Tokyo, Hong Kong, Shanghai, Seoul, Singapore, Bangkok and Wellington were in the red, although Sydney, Taipei, Manila and Jakarta were ahead.

He is coming today

Corporate: CMC Markets, Ferrexpo (transaction update) Finances: There are no major events planned