Separately, NTC Research released a survey showing that labour market conditions tightened further in July, despite signs of a UK economic slowdown. Growing skill shortages led to another sharp increase in pay, NTC said. The Bank of England and the government have both expressed concern about the impact of the growth of private sector pay on the outlook for inflation.
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COMPANY WINDING-UP petitions rose by 5 per cent in the second quarter of the year, according to figures released by the Lord Chancellor's Department. It said 2,849 company winding-up petitions were issued in England and Wales in the three months to June, compared with 2,724 in the same period last year.