Wages in London grow faster than in the rest of the country
Wages in the capital are increasing faster than they have in nearly a year, according to a new survey out today.
The survey, carried out by the Recruitment & Employment Confederation and KPMG, found that wages for permanent employees in London increased for the twenty-fourth successive month in May, marking an uninterrupted, two-year trend of successive growth. The rate of salary growth for Londoners also hit a 10-month high, and was above the UK-wide trend for the first time since January, according to the survey. The steady uptick in wages has been widely welcomed after nearly eight years of earnings in the UK failing to outpace inflation.
The new promising figures also come the same week as a Canada Corporation study which predicted that a boom in finance and technology hiring will help create 145,000 new jobs in central London over the course of the next decade. Canada Corporation said 39,000 of those new jobs would appear in the Square Mile.
Responding to the results, Ingrid Waterfield, director of KPMG’s people powered performance practice, said: “Permanent placements in London continued to increase during May, which demonstrates a strong underlying business sentiment in the City.”
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