British employers keep tight grip on pay despite recovery

By William Schomberg LONDON (Reuters) - Britain's economy is heading into its seventh year of growth after the financial crisis but for many employers such as Mike Naylor, who runs a small metal-casting firm, business is too uncertain to raise staff pay by much this year. With the Bank of England holding off on raising record-low interest rates until it sees stronger pay growth, Naylor said he would probably only be able to offer an increase that is less generous than last year's. "If the confid