“Unemployment has fallen back significantly and churn in the labour market has recovered, with the proportion of people moving from one job to another now around its pre-crisis rate,” said the Bank of England in its Inflation Report.

“That suggests some recovery in confidence among employees in their labour market prospects.

“As a result, businesses have needed to raise wages for new recruits in order to attract staff.”

The Bank’s economists expect pay growth to remain at around 2.75pc for the rest of this year.

In 2019 that should rise to 3.25pc, then on to 3.5pc in 2020, officials ­anticipate.

The economic picture is no longer one of ‘doom and gloom’, with low inflation, accelerated wage growth and a more certain political landscape, all strengthening British prospects for the year ahead.

To encourage consumers to utilise their new financial freedom in high street retailers, businesses need to make their storefronts and services as enticing as possible to gauge interest. New renovations, additional services and new technology and equipment could all make a welcome change to profits!

At the Credit Protection Association, our debt recovery services chase down unpaid invoices and late payers and give our members the opportunity to explore expansion and pursue improvements to their business. Our credit management products, from credit checks to company directories, also provide necessary security to keep our members firmly rooted on the high street for the foreseeable future.