The Bank of England recently announced they would be increasing their interest rate to 1.75%. This is the highest increase in 27 years and will further exacerbate the cost of living crisis affecting the UK since late 2021.

What is the cost of living crisis?

The cost of living crisis refers to the decrease in disposable incomes that are affecting people paying their household bills. Inflation is currently at 9.4% and is expected to rise further. This increase is outstripping wage and benefit increases. Wages are not in line with the cost of living costs and it is something being felt in all industries.

Rising locum pharmacist rates

It has been widely reported that locum pharmacist rates have propelled in the last few months and this is a topic that has garnered a lot of media attention including the BBC.

The hotly debated topic within the pharmacy industry has two sides. On one hand, it is reported that there is a shortage of pharmacists hence the increase in store closures and workload pressures.

Whilst on the other hand critics controversially say there isn’t a lack of pharmacists, but that those in the profession don’t want to work under the current conditions and for the rates of pay they’re being offered.

Locate a Locum’s market rate study

In the last quarter (April - July) Locate a Locum analysed 32,377 locum shifts worked through the platform and found that the average hourly rate for the UK was £37.49 which is an increase of £4.81 from 2021.

The market rate study breaks down locum rates in each nation and the the results show the average rates as the below.

  • Scotland £48.86
  • England £36.95
  • Wales £37.93
  • Northern Ireland £27.47

Factors that affect locum pharmacist rates

There are various external factors that impact locum pharmacist rates. Due to the pandemic, the supply of locums was impacted as pre-reg pharmacists were unable to join the roster.

Secondly, the supply and demand of locum pharmacists seriously impacts rates. Areas that are sparsely populated, such as Inverness, tend to have the largest average rate due to the scarcity of staff able or willing to cover shifts.

Conclusion

It is evident that locum rates are not rising in line with inflation. However, they are rising within the UK as expected from the data of our market rate study. Despite this not being at the same speed as the cost of living it is likely that the rates will continue to soar into 2023.

Get in contact

If you have any questions about setting locum rates in your area, you can contact us here. A member of our team will be able to advise and guide you. To download a copy of our current rates study from April to July complete the form below.

Thanks for reading, have a great day!
Locate a Locum Team