John Fawcett, Managing Director Transport Division, Close Brothers Asset Finance

Pay rises on the cards for most transport firms

Almost three quarters of small and medium sized transport businesses plan to give their employees a pay rise in the next 12 months, according to a survey.  Of that number, 34% say that everyone will receive a rise while two fifths say the increases will be decided on merit.

The figures come from the most recent Close Brothers Business Barometer, a quarterly survey that canvasses the opinion of SME owners and senior management from a range of sectors across the UK on a number of financial and economic issues.

John Fawcett, Managing Director of the Transport Division at Close Brothers Asset Finance stated: “It’s encouraging that so many transport businesses appear to be optimistic and in a financial position to reward their employees with an increased pay packet.

“While on the surface this is good news for workers in the industry, we should also be aware that the Bank of England is watching pay closely, as an indicator of when the right time will be to increase interest rates.

“On the whole our survey paints a positive picture, and there’s every reason to believe that the transport industry will continue to grow into 2015.

“In addition to the positive news about pay rises, we can see that almost three quarters of transport business owners polled are optimistic about their prospects for the year ahead, with 37% confident that their business will expand during the next 12 months.”

For further information visit: www.closeassetfinance.co.uk