A survey by banking group Halifax have revealed that workers in the City of Rent London office spaceLondon have the highest average salaries in the UK.
The average annual wage for a worker in the square mile was Â£82,084 followed by Tower Hamlets (Â£69,474), Westminster (Â£57,737) and Islington (Â£57,525). The steepest increases in salaries were concentrated in small pockets of the South East. Despite the credit crunch, UK salaries on average has risen at above the retail inflation rate for the last five years.
Salaries rose quickest in London with workers having been given an average 23% rise since 2003. The Midlands and Scotlnd had also experienced increasing salaries in the last five years.
It is unlikely that wages will grow substantially in the next1-2 years as companies seek to restrain generous renumeration packages. With the threat of reduancy looming over many workers, the ability to negotiate a higher pay increase is severely restricted.
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