Average earnings ahead of inflation
Friday 28th November 2008, 4:31AM GMT.
Average earnings over the last five years have risen by a fifth, faster than the rise in retail prices.
Research from Halifax shows the average full-time annual salary earned in Great Britain has risen from £25,939 in 2003 to £31,500 in 2008, 21 per cent rise, while retail prices have risen by 18 per cent over the same period.
Regionally, average earnings have risen most in London (24 per cent) since 2003 and predictably, City of London workers are the highest earners with an average annual salary of £82,084.
But the average salary of workers in Thanet in the south-east of England rose more than any other local authority (LA) over the past five years, up by 60 per cent from £18,769 to £29,956.
This was nearly treble the average rise across Great Britain, Halifax said.
Martin Ellis, chief economist at Halifax, said: “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.
“The biggest rises have been concentrated in a fairly limited number of local authorities in southern England.”
All ten LAs with the highest levels of average earnings are in southern England, Halifax found.
Workers in Aberdeen City, with an average annual salary of £35,959, have the highest average earnings among LAs outside the south of England.
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