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The reality of UK’s wage increases

by LLB Finance Reporter
20th Jul 23 6:11 am

With the welcome news that UK inflation fell further than expected in June to 7.9%, the latest salary data from the UK’s leading independent job board, CV-Library, reveals the stark reality for UK professionals.

Whilst both the government and the Bank of England are citing salary increases as a key driver of inflation, and even with the rate at a new 15-month low, only three regions in the UK are seeing wages increasing at, or above, the current rate of inflation.

Year-on-year salary increases by region

  • 8.7% East Midlands
  • 8.3% The North
  • 8.0% Wales
  • 7.7% Scotland
  • 7.3% North East
  • 7.1% South West
  • 6.9% North West
  • 6.6% East Anglia
  • 6.3% West Midlands
  • 5.7% South East
  • 5.2% Northern Island
  • 2.0% London

Lee Biggins, Founder and CEO of CV-Library, said, “There’s a perception that wages and inflation are growing exponentially, but the reality for the majority of UK professionals is that wages are not increasing at the same pace as inflation.”

Biggins added, “Businesses are struggling to balance their own increased costs with the salary needs and expectations of their staff. No matter how much employers would like to offer pay that matches inflation, it’s neither financially sustainable at the current levels nor beneficial to the long-term recovery of the UK economy.”

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