To Stay or Move On?

I’ve been in my IT role for almost three years now. I started with a salary of £48k, working mostly on my own. Since then, the company has grown nearly threefold, and I’ve implemented a lot of infrastructure that I manage. My salary has increased to around £58k, and I’ve recently taken on a recent graduate to help with daily tasks, which I also oversee.

Lately, I’ve been contemplating asking for a promotion and a salary of £70k, but I’m hesitant. I worry that my request might not be approved, which could reveal my dissatisfaction and lead them to anticipate my departure. The job market is quite tough right now, and I’m not keen on contracting. I’ve been feeling a bit less motivated and losing my spark, and a promotion would certainly help reignite my passion.

Has anyone ever pretended to have another job offer as leverage to negotiate for what they want?