UK employers plan a 3% pay rise, the smallest in two years, according to a CIPD survey.

UK employers plan the smallest pay rise in two years at 3%, according to a CIPD survey, down from the previously expected 4%. This aligns with the Bank of England's aim to see pay growth return to normal levels. Businesses intend to raise pay by 4.1%, with the lowest planned increases in two years, which may not alleviate financial strain for workers. CIPD economist James Cockett suggests additional benefits to support staff during challenging times.