Salaries rise 2.5% in London but lag behind other UK cities
Research carried out by CV-Library has shown that salaries in London grew by an average of 2.5% year-on-year in 2015 compared to the previous year.
Londoners saw their average annual salary increase from £36,523.08 in 2014 to £37,443.46 in 2015, making them 2.52% better off. The capital outperformed other cities including Birmingham (1.03%), Edinburgh (1.78%) and Manchester (0.58%).
However, London lagged behind some of the UK’s other big cities in average salary growth, with workers in Bristol (3.3%), Sheffield (4.2%) and Leeds (4.7%) seeing the biggest average gains to their pay packets.
The news solidifies London’s position as a driver of economic growth and will hearten UK workers who have suffered a fall in real wages since 2008 following the financial crisis.
The findings also shed light on which industries are currently experiencing the highest levels of salary growth with strong showings in the charity, media and retail sectors. The biggest gains of all were seen in the construction industry, where average salaries rose a whopping 10.2% to £44,628.46, up from £40,496.08 in 2014.
Founder and managing director of CV-Library, Lee Biggins, believes the data bodes well for the UK job market in 2016 and said: “It’s great to see that cities across the entire nation have seen a rise in advertised salaries and that salary increases aren’t concentrated in one particular region.
“Overall this all is good news for candidates looking for their next opportunity in 2016, and it’s exciting that UK employers are able to invest more heavily in finding the right talent for their business. Pay rises are being seen across the UK and its key sectors, and this is encouraging news for 2016’s job market.”
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