Second Post news, 05 December 2008
The average wage in the UK has risen by 21 percent in the last five years.
A report by Halifax reveals earnings have gone up by nearly £6,000 in that time for full time workers, setting the average wage at £31,500.
Employees in the South East and London have enjoyed the biggest increases. In Thanet, Kent, pay has been upped by 60 percent, with the average rising from £19,000 to £31,000. In London the average wages sits at nearly £50,000 while earnings in the City average more than £80,000.
Although there were increases across the UK, some were less than others. At the bottom of the earning table are Wales and East England with an increase of just 18 percent.Workers in the South West have received a 19 percent increase.
Despite the wage increases, inflation rises has lessened their impact for workers. Inflation over this five year period has gone up 18 percent meaning the better pay has been lost on rising living costs. However, a report from Incomes Data Services shows that wages are still growing, with a three percent increase in the third quarter of 2008.