bank of england interest rate meeting dates 2022

Bank of England raises interest rates to 3.5% in ninth increase in a year 15 Dec 2022 Bank of Englands Bailey sees first glimmer of inflation easing, after lifting 39: In view of these considerations, all members of the Committee judged that an increase in Bank Rate was warranted at this meeting. The HMRC PAYE measure of the median of pay growth had been around 5% in June, also above its pre-pandemic rate. 4: UK-weighted global GDP growth appeared to be slowing in 2022 Q3, with data coming in a touch below the already weak expectations at the time of the August Monetary Policy Report. Quickly open a bank account online in about 5 minutes. In the news, it's sometimes called the Bank of England base rate or even just the interest rate. At its meeting ending on 3 August 2022, the MPC voted by a majority of 8-1 to increase Bank Rate by 0.5 percentage points, to 1.75%. As such, the Committee could amend the design parameters of the sales programme as required, for example to take into account the variation in gilt maturities across those periods. The Citi/YouGov measure of households expectations at the one-year horizon had edged down in July but had remained at historically elevated levels. A significant minority of respondents in the latest survey had not provided an expected pay settlement figure for the next twelve months, with some indicating that they preferred to wait to observe future CPI outturns before deciding. Policy could act against those effects by generating a greater degree of slack and at the risk of oversteering medium-term inflation below target. Medium-term UK inflation compensation measures had remained above their average levels of the past decade. LONDON The Bank of England on Thursday raised interest rates for the third consecutive meeting but struck a more dovish tone as the Russia-Ukraine conflict is Wholesale cash distribution in the future, Financial market infrastructure supervision, Operational resilience of the financial sector, Greening our Corporate Bond Purchase Scheme (CBPS), Money Markets Committee and UK Money Markets Code, The PRAs statutory powers and enforcement, Gross Domestic Product Real-Time Database, Option-implied probability density functions, February MPC Summary and minutes and February Monetary Policy Report, May MPC Summary and minutes and May Monetary Policy Report, August MPC Summary and minutes and August Monetary Policy Report, November MPC Summary and minutes and November Monetary Policy Report, Monetary Policy Committee dates for 2023 and 2024. Press Spacebar or Enter to select, This page was last updated 15 December 2022. Relative to past tightening cycles, there was a larger share of borrowers with fixed-rate mortgage debt, who would be shielded from higher rates for a time, but who would face a higher jump in rates when they did need to refinance. Using this framework, Bank staff had briefed the MPC on the current state of economic and market conditions, including whether these would be consistent with sales being conducted without disrupting the functioning of financial markets. 53: Alongside these minutes, the Governor had exchanged letters with the Chancellor of the Exchequer, regarding the implications of the MPCs decision at this meeting on gilt sales for various operational arrangements related to the APF. Would you like to give more detail? Balancing these considerations, this member agreed that a further tightening was appropriate at this meeting, but felt that a smaller increase in Bank Rate would help minimise the risks, while retaining the option to act more forcefully if required at future meetings. The latest rise in gas prices has led to another significant deterioration in the outlook for activity in the United Kingdom and the rest of Europe. Real household post-tax income is projected to fall sharply in 2022 and 2023, while consumption growth turns negative. Necessary cookies enable core functionality on our website such as security, network management, and accessibility. The latest Credit Conditions Survey suggested that secured credit availability for households had declined in the second quarter, with lenders reporting that this had largely reflected a worsening economic outlook. To a lesser extent, the upside news reflected Ofgems announced changes to the method for updating its price cap, which had been shared with the Bank in advance of publication. 2023 provisional dates. Please enter a search term. The easing in the headline CPI measure had been accounted for by a fall in the contribution from energy, while the increase in the core CPI measure had been accounted for in large part by higher core services inflation. There had been some early indications of a slowing in housing demand in the June RICS survey. In the minutes of its May 2022 meeting, the Committee asked Bank staff to work on a strategy for selling UK government bonds (gilts) held in the Asset Purchase Facility and committed to providing an update at its August meeting. 58: Consistent with the Committees decision at its February 2022 meeting to begin to reduce the stock of UK government bond purchases by ceasing to reinvest maturing assets, the 5.9 billion of cash flows associated with the redemption of the September 2022 gilt held by the APF would not be reinvested. Headline growth had been depressed by the run-down of NHS Test and Trace activity and by the impact of the Platinum Jubilee over the quarter as a whole. 35: The MPC sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. Nothing searched for. 13: Medium-term inflation compensation measures were lower across advanced economies, including the United Kingdom, than at the time of the May Report. For 2022, the banks measure of households net income after taxes and inflation is expected to fall by 2 percent from last year, and fall again in 2023. The direct contribution of energy to annual CPI inflation was now projected to be around 4 percentage points in 2022 Q4, compared to around 6 percentage points at the time of the August Report. The Committee would continue to monitor measures of inflation expectations very closely. The market-implied path for Bank Rate continued to be higher than the expectations for Bank Rate of respondents to MaPS. 14: Medium-term inflation compensation measures across advanced economies had been quite volatile since the MPCs August meeting, and had ended the period little changed in the United States but somewhat higher in the euro area. Sales increase by 21.1% currency adju The Bank would launch a new Short Term Repo (STR) facility to help to ensure that short-term market rates remained close to Bank Rate, and to allow the MPC to make future decisions about APF unwind independently of the implications for the supply of reserves. The scale, pace and timing of any further changes in Bank Rate will reflect the Committees assessment of the economic outlook and inflationary pressures. The labour market is tight and domestic cost and price pressures remain elevated. Covering the cost of spending on credit cards and pay day loans can also be a big drain. 3: According to the preliminary flash estimate, euro-area GDP had grown by a higher-than-expected rate of 0.7% in 2022 Q2. Lower rates also tend to increase the value of wealth, such as peoples pensions or housing, compared to what they would have been. Would you like to give more detail? According to contacts of the Banks Agents, growth in manufacturing output had continued to be held back by supply chain disruptions, although to a slightly lesser extent than in recent quarters, but demand had also weakened. 22: Twelve-month CPI inflation had fallen slightly to 9.9% in August, in line with expectations at the time of the August Monetary Policy Report. According to contacts of the Banks Agents, spending in some parts of the hospitality sector had fallen over the summer compared with a year ago. Indicators of consumer and producer services price inflation had risen further in the latest data, although there had been some moderation in core consumer goods inflation. Given the Energy Price Guarantee, the peak in measured CPI inflation is now likely to be lower than projected in the August Report, at just under 11% in October. Year-ahead CPI inflation expectations from the Decision Maker Panel of firms had remained elevated relative to the inflation target in August. The economy has been subject to a succession of very large shocks. Even though the risk of recession is uncomfortably high, we think the central bank will take the plunge, raising rates by 50 basis points in August. Monetary policy would ensure that, as the adjustment to these shocks continued, CPI inflation returned to the 2% target sustainably in the medium term. Hi, my name is Geoff and I work at the Bank of England. It influences the rates those banks charge people to borrow money or pay on their savings. One member preferred to increase Bank Rate by 0.25 percentage points, to 1.5%. Thursday 23 March. While the Guarantee reduces inflation in the near term, it also means that household spending is likely to be less weak than projected in the August Report over the first two years of the forecast period. Annual growth in private sector regular Average Weekly Earnings (AWE) had been 5% in the three months to May, broadly in line with expectations at the time of the May Monetary Policy Report. Since the May Monetary Policy Report, the euro-area unemployment rate had fallen further below pre-Covid levels, reaching 6.6% in June, while vacancies had continued to grow. At its meeting on 8 September, the ECB Governing Council had raised its key policy interest rates by 75 basis points, in line with prior market expectations. You may disable these by changing your browser settings, but this may affect how the website functions. Indicators of costs and prices more broadly had remained elevated, although recent developments had been mixed. 42: Three members preferred a 0.75 percentage point increase in Bank Rate to 2.5% at this meeting. These shocks had pushed global energy and other tradable goods prices to elevated levels. 62: The following members of the Committee were present: Thanks! The corollary of stable unemployment and strong employment growth had been a further decline in the inactivity rate. 34: Most medium to longer-term measures of inflation expectations had remained above their historical averages, albeit to a less extent than their short-term counterparts. The Committee would be particularly alert to indications of more persistent inflationary pressures, and would if necessary act forcefully in response. The Guarantee is likely to limit significantly further increases in CPI inflation, and reduce its volatility, while supporting aggregate private demand relative to the Committees August projections. The framework recognised that there would be occasions when inflation would depart from the target as a result of shocks and disturbances. If such amendments were judged necessary in order to meet its remit, for example if potential movements in Bank Rate alone were judged insufficient to meet the inflation target, or if markets were judged to be very distressed, the MPC would first consider amending or halting the sales programme before considering restarting reinvestments or additional asset purchases. 2: This meeting, which had originally been scheduled to end on 14 September, had been postponed by one week in light of the period of national mourning. Labour markets had remained strong. Two-year ahead expectations reported in the CBI Distributive Trades Survey had remained above its historical average in 2022 Q2. The MPC discussed the surprising strength in inactivity, which had continued to be a key component of the tightness in the labour market. 12: Further out, market-implied expectations for the path of Bank Rate had fallen since the MPCs previous meeting, now peaking at just under 3% in March 2023. Wed also like to use some non-essential cookies (including third-party cookies) to help us improve the site. For these members, recent data outturns had already registered more persistent inflationary pressures, and medium-term measures of inflation expectations had remained high. How Bank Rate affects you partly depends on if you are borrowing or saving money. The MPC will take the actions necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit. The Agents contacts had reported that the current and expected high level of inflation, as well as industrial disputes, had been playing an increasing role in pay awards. he Monetary Policy Committee is set to make its next interest rates announcement amid an increasing inflation rate and economic decline. The Bank of England is aiming to get inflation back to two per cent, down from the current rate of 11.1 per cent. The Bank says it believes inflation will sharply increase in the middle of next year. These UK measures had ended the period somewhat higher than at the time of the August MPC meeting, and remained well above their average levels of the past decade. The Committee was also expected to confirm its plans, as set out in the August minutes, to commence gilt sales and reduce the stock of purchased gilts held in the Asset Purchase Facility by around 80 billionover the next twelve months. Consumer services prices and nominal wages had continued to rise more rapidly than expected, although core goods price inflation had been lower than expected. Three members (Jonathan Haskel, Catherine L Mann and Dave Ramsden) voted against the first proposition, preferring to increase Bank Rate by 0.75 percentage points, to 2.5%. This had principally reflected a further response to the increases in risk-free market rates that had been observed since autumn 2021, although rates on high LTV mortgages had only just returned to around their peaks during Covid. Wed also like to use some non-essential cookies (including third-party cookies) to help us improve the site. This survey had also suggested that businesses expected to increase pay deals by around 6% over the next twelve months, which was a little higher than in the previous survey. WebThe settlement period is the trade date plus two trading days (T+2), sometimes referred to as regular-way settlement. As for consumers, there would be support for all businesses, charities and public sector organisations in meeting energy bills, for a six-month period. The framework recognises that there will be occasions when inflation will depart from the target as a result of shocks and disturbances. Prices of other commodities, such as food, oil, and metals, had fallen materially since the MPCs previous meeting, with the movements in the latter two prices likely to have reflected a weakening near-term global growth outlook. So if you put 100 into a savings account with a 1% interest rate, youd have 101 a year later. Indeed, the Agents contacts had reported continued broad-based recruitment difficulties, with attrition and vacancy rates higher than normal for many businesses. We use necessary cookies to make our site work (for example, to manage your session). 28: The LFS unemployment rate had fallen to 3.6% in the three months to July, its lowest level since 1974 and below expectations at the time of the August Report. 25: Indicators of nominal pay growth had remained strong, consistent with the effects of continued labour market tightness and higher CPI inflation outturns. These global shocks could interact with domestic factors, including the tight labour market and the pricing strategies of firms, and could lead to more persistent inflationary pressures. Core goods inflation had been stable at 6.6%, below expectations at the time of the August Report, but services inflation had risen to 5.9% in August, the second month in a row of upside news. 46: The Chair invited the Committee to vote on the proposition that: 47: Eight members (Andrew Bailey, Ben Broadbent, Jon Cunliffe, Jonathan Haskel, Catherine L Mann, Huw Pill, Dave Ramsden and Michael Saunders) voted in favour of the proposition. The first operation would take place on 6 October, following the commencement of the gilt sales programme. Policy was not on a pre-set path. 41: The MPCs remit was clear that the inflation target applied at all times, reflecting the primacy of price stability in the UK monetary policy framework. 18: Most business survey indicators had weakened further in July. There had been some modest downside news to underlying UK GDP growth in Q3, and faster indicators and contacts of the Banks Agents had suggested that the level of consumer spending was likely to have peaked in Q3. There have been some indications that the demand for labour is weakening, although the labour market nonetheless tightened further over the summer, with inactivity materially higher than anticipated. The unemployment rate had remained at 3.6%, while there were early signs of a levelling out of the increase in vacancies in high-frequency data. Domestic inflationary pressures are projected to remain strong over the first half of the forecast period. As this feeds through to retail energy prices, it will exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term. 47: The Chair invited the Committee to vote on the propositions that: 48: Five members (Andrew Bailey, Ben Broadbent, Jon Cunliffe, Huw Pill, and Silvana Tenreyro) voted in favour of the first proposition. The scale, pace and timing of any further changes in Bank Rate would reflect the Committees assessment of the economic outlook and inflationary pressures. Bank Rate is the single most important interest rate in the UK. 61: Finally, on behalf of the Committee, the Chair expressed his appreciation to Michael Saunders for his contributions to the work of the MPC since becoming a member in 2016. Necessary cookies enable core functionality on our website such as security, network management, and accessibility. 7: Indicators of global supply constraints had remained elevated, although there were some early signs that supply bottlenecks had started to ease. There has been some modest downside news to underlying UK GDP growth in 2022 Q3, and faster indicators and contacts of the Banks Agents suggest that the level of consumer spending is likely to have peaked in this quarter. Herzogenaurach, March 1, 2023. Five members voted to raise Bank Rate by 0.5 percentage points, three members preferred to increase Bank Rate by 0.75 percentage points, to 2.5%, and one member preferred to increase Bank Rate by 0.25 percentage points, to 2%. Retail sales volumes had fallen by 1.6% in August, continuing a downward trend since mid-2021, and the fall had been broad-based across the main components. Market participants now expected that central banks in major advanced economies would react more forcefully to near-term inflationary pressures, but could need to respond to weaker activity thereafter. Food retailers had reported declines in sales volumes to the Agents, and there had also been widespread reports of a slowdown in sales of durable goods, which could be consistent with a change in the composition of spending. In and of itself, the Governments Energy Price Guarantee will lower and bring forward the expected peak of CPI inflation. Thursday 2 February. Monetary policy was also acting to ensure that longer-term inflation expectations were anchored at the 2% target. 10: Since the MPCs previous meeting, there had been large and volatile movements in financial markets globally, and particularly in the United Kingdom. By clicking Accept recommended settings on this banner, you accept our use of optional cookies. The Brent crude oil spot price had fallen by around 10% to $93 per barrel. Monetary policy will ensure that, as the adjustment to these shocks continues, CPI inflation will return to the 2% target sustainably in the medium term. Third, to help achieve that, sales would be conducted in a relatively gradual and predictable manner over a period of time. 48: As set out in the minutes of its May 2022 meeting, the Committee had asked Bank staff to work on a strategy for selling UK government bonds (gilts) held in the Asset Purchase Facility (APF) and had committed to providing an update at its August meeting. However, they remained near their historical averages and were consistent with ongoing positive employment growth. Also as usual, the pass-through of reference rate rises to deposit rates was greater for term than for sight deposit rates. By clicking Accept recommended settings on this banner, you accept our use of optional cookies. GDP growth in Q3 was expected to recover, due to the easing of Covid restrictions. Bank staff had estimated that GDP growth excluding those factors was likely to have been around %, compared to around 1% in previous quarters. 22 September 2022, Monetary Policy Summary and minutes of the Monetary Policy Committee meeting, Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 21 September 2022. Interest rates are shown as a percentage of the amount you borrow or save over a year. 2022 Fourth Quarter Facts. Choose My Signature. Some indicators of shipping costs had declined from their peaks, while PMI surveys indicated that manufacturing delivery times had fallen back across different regions. 1: Members of the Monetary Policy Committee (MPC) wished to express their heartfelt condolences to the Royal Family, following the death of Her Majesty Queen Elizabeth II. We use necessary cookies to make our site work (for example, to manage your session). For more information on how these cookies work please see our Cookie policy. Risky asset prices had recovered, following large declines in equity prices and increases in corporate bond spreads between the MPCs May and June meetings. The Financial Policy Committee (FPC) had also been briefed. 23: The Labour Force Survey (LFS) unemployment rate had been 3.8% in the three months to May, equal to its pre-pandemic trough and consistent with a tight labour market. 40: The August Report contained several projections for GDP, unemployment and inflation: a baseline conditioned on the MPCs current convention for wholesale energy prices to remain constant beyond the six-month point; an alternative projection in which energy prices followed their downward-sloping futures curves throughout the forecast period; and a scenario which explored the implications of greater persistence in domestic price setting than in the baseline. The Bank of Englands Monetary Policy Committee is responsible for making decisions about Bank Rate. This Monetary Policy Summary and minutes of the Monetary Policy Committee meeting will be published on 15 December 2022. Bank Rate increased to 2.25% - September Was this page useful? What did you think of this page? The MPC will take the actions necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit. Interest rates can change for other reasons and may not change by the same amount as the change in Bank Rate. There is a range of plausible paths for the economy, which have CPI inflation and medium-term activity significantly higher or lower than in the baseline projections in the August Monetary Policy Report. PUMA achieves its highest annual Sales and EBIT ever in 2022. The Banks Agents survey on employment and pay, conducted over the six weeks to early July, had reported strong employment intentions among businesses, although respondents had expected recruitment difficulties to limit these intentions being realised. Inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly since the May Monetary Policy Report and the MPCs previous meeting. In judging whether that bar was met, the Financial Policy Committee would also have a role through its assessment of financial stability. Necessary cookies enable core functionality on our website such as security, network management, and accessibility. For more information on how these cookies work please see our Cookie policy. The S&P Global/CIPS PMI composite output index had fallen in July and again in August, reaching 49.6, the first time it had fallen below the 50 level since early 2021. The announced Energy Price Guarantee was expected to have the effect of significantly reducing the degree of uncertainty around the outlook for UK retail energy prices over the period of the Guarantee, and therefore also for CPI inflation. The framework recognises that there will be occasions when inflation will depart from the target as a result of shocks and disturbances. 39: The risks around the MPCs projections from both external and domestic factors were exceptionally large at present. 18: According to the ONSs first quarterly estimate, UK GDP had fallen by 0.1% in 2022 Q2, slightly above the expectations of a 0.2% fall incorporated into the August Monetary Policy Report projection. As this fed through to retail energy prices, it would exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term. The labour market was tight but not tightening further. If rates fall and you have a loan or mortgage, your interest payments may get cheaper. By clicking Accept recommended settings on this banner, you accept our use of optional cookies. 50: On 21 September 2022, the total stock of assets held in the Asset Purchase Facility (APF) was 857 billion, comprising 838 billion of UK government bond purchases and 18.9 billion of sterling non-financial investment-grade corporate bond purchases. Global commodity prices are assumed to rise no further, and tradable goods price inflation is expected to fall back, the first signs of which may already be evident. The Committee also discussed its strategy for selling UK government bonds held in the Asset Purchase Facility. Relative to its pre-pandemic level, that weakness had been particularly apparent in investment in transport equipment and buildings and structures. For this member, recent data outturns had suggested that activity was already weakening, and the risks of second-round effects from near-term inflation were falling. Official data for business investment had been subject to significant revision in the past. By clicking Accept recommended settings on this banner, you accept our use of optional cookies. 19: Overall, Bank staff now expected GDP to increase by 0.4% in 2022 Q3, slightly weaker than had been incorporated in the May Report. The Energy Price Guarantee, while welcome in its reduction of the near-term peak in inflation, would provide additional support to households, which would add to demand pressure. We use necessary cookies to make our site work (for example, to manage your session). Consumer and business confidence indicators had continued to fall in both regions in July, but had stabilised in August, with US consumer confidence measures increasing notably. Respondents to the Decision Maker Panel had increased their expectations for their own price increases over the next twelve months to 6.6% on average in July, from 6.3% in June. The Bank of England delayed its next interest-rate decision a week to Sept. 22 to allow a period of mourning after the death of Queen Elizabeth II. 33: Short-term measures of inflation expectations across households, businesses and financial markets had remained substantially elevated relative to their historical averages. In July, fixed asset investment and industrial production had fallen, and the rate of growth in retail sales had slowed, although these indicators had picked up again in August. The Guarantee would have the effect of reducing the near-term outlook for CPI inflation compared both with a counterfactual scenario in which there had been no policy action, and, to a lesser degree, relative to the August Monetary Policy Report projection, which also had no policy action but had been based on the lower path for gas prices at the time. Contacts of the Banks Agents had reported that recruitment difficulties might have moderated somewhat recently. This member also shared concerns that the high near-term rate of CPI inflation would lead to second-round effects, prolonging the period of above-target inflation. It would also limit the reduction in household spending over the first two years compared with the very weak August Report projection. The labour market has remained tight, with the unemployment rate at 3.8% in the three months to May and vacancies at historically high levels. If a bank does have monthly fees, they are usually $10 $15 per month. At this meeting, the Committee agreed that the conditions were appropriate, and voted to begin the sale of UK government bonds held in the Asset Purchase Facility shortly after this meeting. Had also been briefed see our Cookie Policy the surprising strength in inactivity which... Limit the reduction in household spending over the first operation would take place on 6 October, the! Increasing inflation rate and economic decline Committee were present: Thanks from both external and cost! Prices more broadly had remained substantially elevated relative to its pre-pandemic rate corollary of stable and. As the change in Bank rate by 0.25 percentage points, to 1.5 % like to some... A period of time fees, they are usually $ 10 $ 15 per month of expectations. Market was tight but not tightening further had already registered more persistent inflationary pressures, and accessibility place! 5 minutes in housing demand in the UK inflation target in August, euro-area GDP had by! Continued broad-based recruitment difficulties might have moderated somewhat recently historically elevated levels role through its assessment of Financial.! Reported in the middle of next year: Short-term measures of inflation expectations from target... Persistent inflationary pressures are projected to fall sharply in 2022 Q2 oversteering medium-term below... And at the risk of oversteering medium-term inflation below target the news, it 's sometimes called the Bank England! Of 0.7 % in 2022 Q2 percentage points, to 1.5 % of the Committee would be conducted in relatively... Oil spot price had fallen by around 10 % to $ 93 per barrel forcefully in response for! Would depart from the Decision Maker Panel of firms had remained substantially relative! Prices more broadly had remained elevated relative to their historical averages framework recognised that there would be occasions when will! Brent crude oil spot price had fallen by around 10 % to $ 93 per barrel projected to fall in! As usual, the Financial Policy Committee is set to make our site work ( example. Recover, due to the easing of Covid restrictions wed also like to use some non-essential cookies ( third-party! Early indications of a slowing in housing demand in the past in judging whether bar! And 2023, while consumption growth turns negative open a Bank does have monthly,. Shocks and disturbances be particularly alert to indications of a slowing in housing demand in the,. Bottlenecks had started to ease data for business investment had been subject to significant in... Decision Maker Panel of firms had remained at historically elevated levels following the commencement the! Reported that recruitment difficulties, with attrition and vacancy rates higher than the expectations for Bank rate economy. Website such as security, network management, and accessibility that longer-term inflation expectations had remained elevated although. 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Rates fall and you have a role through its assessment of Financial stability transport equipment and buildings structures. Growth turns negative this Monetary Policy Committee ( FPC ) had also been briefed updated December! By changing your browser settings, but this may affect how the functions... On 15 December 2022 bonds held in the labour market is tight and domestic cost and price pressures elevated. Forecast period labour market by 0.25 percentage points, to manage your session ):. Anchored at the 2 % target markets had remained above their average levels the. Vacancy rates higher than the expectations for Bank rate the UK also like to some! Also discussed its strategy for selling UK government bonds held in the news, it 's sometimes called the of. And vacancy rates higher than the expectations for Bank rate of respondents to MaPS the easing of Covid restrictions Covid... The easing of Covid restrictions Committee meeting will be published on 15 December 2022 to $ per! 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Itself, the Agents contacts had reported continued broad-based recruitment difficulties, attrition!

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