City salaries rise 18pc as demand for new recruits intensifies in London’s finance sector
New salaries in London's financial services sector went up significantly in 2014, as demand for skilled workers increased.
On average, those offered new jobs in the City secured pay 18 per cent higher than in the previous year, according to data released today by Morgan McKinley.
The recruitment firm's figures show that even in December, which is traditionally a quiet month for hiring, an estimated 4,620 new jobs were created. This was 13 per cent higher than during the equivalent period in 2013.
Such a jump in pay far exceeds average rises across all sectors in the UK – wages have lagged behind inflation for most of the period since the global financial crisis in 2008.
The trend among City workers is expected to continue this year, according to Hakan Enver, operations director for the company. This is because the need for new staff will continue to rise, particularly in the IT sector, irrespective of the UK's economic prospects.
"While we continue to also see demand outstripping supply for skilled IT executives, regulatory demands and enhanced reporting needs are pushing compliance to the top of hiring agendas in the City," he said.