LONDON FIRMS TARGET INCREASED PAY

• 84 per cent of businesses plan to increase pay packages
• 88 per cent plan to invest to generate further growth
• 79 per cent believe that British businesses will benefit from remaining in the EU

London-based companies have put pay high on the agenda for 2016, according to new research from Lloyds Bank Commercial Banking.

More than 150 influential business figures from across London attended the latest annual Lloyds Bank Gameplan event in the City, to discuss the issues that will shape the future of businesses both across the region and the UK.

Of those attending, 84 per cent said they were planning on increasing employee pay packets over the course of the next year, with more than one third (35 per cent) believing that this will help increase productivity.

Almost nine out of 10 (88 per cent) of management teams also plan to invest in their business over the next 12 months to drive company growth, whilst 79 per cent of attendees believe that remaining in the European Single Market is best for London’s economy.

The event brought together the region’s business leaders, policymakers, professionals and academics to discuss the opportunities and challenges facing businesses in the capital, and the wider UK economy.

It included a panel debate featuring former BBC Breakfast presenter, Declan Curry, alongside Steve Auckland, chief executive of ESI Media, Brian Brick, CEO of Moss Bros, John Hughes, chairman of TelecityGroup, Andria Vidler, CEO of Centaur Media and Adam Chester, head of macroeconomic research at Lloyds Bank.

Mark Burton, regional managing director at Lloyds Bank Commercial Banking in London and the South, said: “Whilst economic growth has resumed since the recession and employment has surged, productivity growth has stalled. London’s workers are the most productive in the UK, yet this still threatens to undermine City’s international competitiveness. From what business leaders in the capital have told us, this is very much on their agenda, with the vast majority looking to invest in 2016.”

“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 increase pay in the next year, which is good news for workers across London.”