Sussex based companies have put pay rises on the agenda for 2016, with many business leaders reporting plans to increase wages, according to new research from Lloyds Bank Commercial Banking.
More than 50 influential business figures from across the region attended the latest annual Lloyds Bank Gameplan event in Sussex on Thursday night (October 8), to discuss the issues that will shape the future of businesses both across the region and the UK.
Ninety-six per cent of businesses in attendance said they were planning on increasing employee pay packets over the course of the next year, while 85 per cent of management teams also plan to invest in their business over the next 12 months to drive company growth.
Thirty-seven per cent of attendees believe that regional devolution will help re-balance the economy and encourage economic growth Sussex.
The event brought together the region’s business leaders, policy-makers, professionals and academics to discuss the opportunities and challenges facing Sussex based businesses, and the wider UK economy.
It included a panel debate featuring former BBC Breakfast presenter, Declan Curry, alongside Al Loch, Chief Financial Officer of Park Holidays, Clive Lucking, Chief Executive Officer of FourFront Group and Catriona Marshall, Chief Executive Officer of Hobbycraft.
Russell Harvey, Area Director for Lloyds Bank Commercial Banking in Sussex, said: “As we finally move into a period of sustained economic growth, we’re seeing wages rise at the quickest rate in six years. The good news for Sussex is, business leaders in the region expect the rise in pay packages to continue over the next 12 months.
“The Gameplan events give us a snapshot view of how businesses are feeling in the area, helping us to understand what the future looks like so that we can provide tailored support to companies. The vast majority are planning to invest in the next year in order to generate further growth, which is good news for Sussex.”
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