Probably depend of which sector we are talking about. Definitely minimum wage went up from 1st April 2018, however pension contribution went up on this same time.

I will say for majority people wages are pretty much stagnant or worse and employees are feeling squeeze on their home budget.

Employers are very reluctant to put wages up if you are above minimum wage and they justify their decision saying that cost of e.g. raw materials went up or uncertainty of the Brexit. They forgot that employees expenses went up as well such as council tax, utility bills, travel to work, food, etc.

I forgot to add that financial difficulties are one of the causes of stress. As we know stress related absence is on the raise.

At this stage I haven't had an reports of upwards wage drift from my UK companies, although for cerrtain jobs recruitment is reported as getting harder. Supply and demand is not an instant effect equation, and I expect many companies will wait to see of scarcity of skills is real and enduring before deciding to hike pay levels