HomeRecruitmentThe fact of the UK's wage will increase

The fact of the UK’s wage will increase


Regardless of inflation falling to 7.9%, solely three areas within the UK have matching wage progress  

With the welcome information that UK inflation fell additional than anticipated in June to 7.9%, the most recent wage knowledge from the UK’s main impartial job board, CV-Library, reveals the stark actuality for UK professionals.  

While each the federal government and the Financial institution of England are citing wage will increase as a key driver of inflation, and even with the speed at a brand new 15-month low, solely three areas within the UK are seeing wages rising at, or above, the present price of inflation. The breakdown is as follows: 

12 months-on-year wage will increase by area* 

  • 8.7% East Midlands  
  • 8.3% The North 
  • 8.0% Wales 
  • 7.7% Scotland 
  • 7.3% North East
  • 7.1% South West  
  • 6.9% North West
  • 6.6% East Anglia
  • 6.3% West Midlands
  • 5.7% South East
  • 5.2% Northern Island
  • 2.0% London  

Lee Biggins, Founder and CEO of CV-Library, mentioned, “There’s a notion that wages and inflation are rising exponentially, however the actuality for almost all of UK professionals is that wages will not be rising on the similar tempo as inflation.”  

Biggins continuesBusinesses are struggling to stability their very own elevated prices with the wage wants and expectations of their workers. Regardless of how a lot employers want to provide pay that matches inflation, it’s neither financially sustainable on the present ranges nor useful to the long-term restoration of the UK financial system.” 

-ENDS- 

*Primarily based on year-to-date wage figures in comparison with 2022 

 

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