IN BRIEF : Pressure on pay eases

The Confederation of British Industry's pay databank showed a slight easing of pay pressure in December compared with November, backing the employers' attempt to head off an interest rate rise after the Governor of the Bank of England meets the Ch ancellor tomorrow.

Manufacturing pay awards averaged 3.1 per cent in the three months to December compared with 3.2 per cent in the three months ending November. Service industry pay awards tailed off even faster, to 3.5 per cent from 4.1 per cent.