Average UK earnings up 21% in 5 years, according to Halifax

01 December 2008 / by Rachael Stiles
The average earnings in Great Britain have risen by fifth in the last five years, according to Halifax's analysis of data from the Office of National Statistics' Annual Survey of Hours and Earnings.

Brits are now, on average, getting paid £31,500 – 21 per cent, or £5,561, more than they were five years ago when the average wage was £25,939.

During the same five year period, retail prices have risen by 18 per cent, which suggests an increase in disposable income and higher living standards for the average Brit.

Some areas of the country have seen much higher than average increases in the typical worker's salary. The earnings of those living in Thanet, Kent, for example, have increase by almost triple the rise of the national average, up 60 per cent compared to 2003.

Regionally, London saw the biggest average income increase, growing 24 per cent, while the slowest growth was seen in the East and in Wales, which both saw an increase the same as retail prices – 18 per cent.

Unsurprisingly, those working in the City of London enjoy the highest average salary in the country, £82,084, more than two and half times the British average.

"Average earnings in Great Britain have risen by more than retail prices over the past five years, indicating an increase in living standards for the typical worker." commented Martin Ellis, chief economist at Halifax.

In real terms, average earnings have grown by three per cent since 2003 when the increase in the cost of living is taken into account.

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