Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“Today’s data shows that while the labour market continues to cool, high wage growth is still a significant concern for businesses. Over three quarters of businesses in Wales (76%) told us that their organisation is under pressure to raise its prices due to labour costs in our Quarterly Economic Survey for Q2. This is reflective of the wider UK picture too, where labour costs are also cited as the main external pressure on firms.
“Challenges hiring staff also persist. Over half (57%) of businesses in Wales experienced difficulties recruiting in Q2 and the British Chambers of Commerce’s recent Quarterly Recruitment Outlook shows that firms across all industries are facing increased difficulties hiring staff.
“Attracting and retaining people here in Wales with the right skills is crucial for businesses and better skills planning between government, business, academia and apprenticeship providers could tackle these issues. Collaboration could help individuals to become workplace ready, align sector ambition with skills needs and encourage businesses to increase investment in training.”
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