What areas of the UK saw the biggest wage increases?
New research has revealed the UK areas that have seen the biggest wage increases, with Melton coming out on top.
The study by UK financial services provider CMC Markets analysed the latest release from the Office for National Statistics, which showed hourly wage data for every local authority in the United Kingdom, without overtime.
It found that the Leicestershire area of Melton saw the most significant increase in wages. Melton’s hourly pay on average was £13.33 in 2021, which has now increased to £17.99 in 2022, a percentage increase of 34.96%.
The Essex area of Maldon comes in second place. The area had an average hourly wage of £14.67 in 2021, which has increased by 31.77%, and now sits at £19.33 in 2022.
The Cotswold area, located in Gloucestershire, takes third place. The area currently has an average hourly pay of £17.81, which has increased by 24.89% from 2021’s value of £14.26.
Coming in fourth place is the London borough of Sutton. In 2021, the area had an average hourly pay of £16.82, which in 2022 now sits at £20.73, a percentage increase of 23.25%.
Rounding out the top five is East Dunbartonshire, one of three Scottish areas in the top ten. The area had an average hourly pay of £14.99 in 2021, which has increased by 19.35% in 2022 to £17.89.
|Rank||Area||2021 Average Hourly Pay||2022 Average Hourly Pay||Past year percentage increase|
Source: ONS Dataset – Earnings and hours worked, place of residence by local authority, 2022 edition
Commenting on the findings, CMC Markets’ Chief Market Analyst Michael Hewson said: “What’s fascinating to see is the huge wage growth in so many areas, and how it isn’t just tied to one area with locations across Britain making their way into the top ten. This wage growth is also seen outside of financial hubs and major cities, which may make people question whether the inner city pressure is worth it.”