Pay freezes 'set to continue'

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Pay freezes 'set to continue'

Individuals across the UK hoping to have extra cash with which to build up a significant nest egg for their retirement may have to wait a bit longer as pay freezes are set to remain in place for many businesses for at least the next year or two, it has been claimed.

Justin Modray, a spokesman for candidmoney.com, said pay freezes are especially painful in the present financial climate due to the impact of high inflation on things like food, fuel and other daily outgoings.

He commented: "Pay freezes are an unwelcome by-product of our stalling economy and a government that needs to cut back spending, so I doubt matters will improve for at least another year or two."

According to the Resolution Foundation, those on middle incomes across the UK are becoming increasingly squeezed in terms of their financial commitments, with a continued fall in real wages and a growing chance of a lifetime in renting.

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