Which London borough has seen the greatest wage growth?
- Credit: Yui Mok/PA Wire/PA Images
Several London boroughs have seen wage growth over the last seven years of more than double the national average, new research has revealed.
The boroughs of Hackney and Newham both saw salaries increase by 45 per cent since 2014, according to a study carried out by money transfer company Xendpay.
This represents the fastest growth in pay in the whole of the UK.
Alongside these boroughs, Camden and the City of London also experienced an average salary increase since 2014 of nearly 40 per cent.
Tower Hamlets and Brent saw a large increase too at 33 per cent and 32 per cent growth respectively.
Newham’s and Hackney’s wages grew 15 times faster than those in Aberdeen, which saw the smallest increase of any local authority in the country.
At the other end of the London scale, the smallest increase in salaries since 2014 was in Enfield, Havering and Barking & Dagenham.
In these north and east London boroughs, earnings only grew by 22 per cent, which represents less than half the increase seen in Hackney and Newham
Xendpay gathered the data from the Office for National Statistics (ONS) which compared monthly wages between June 2014 and May 2021.
A spokesperson for Xendpay said of the findings: “It’s fascinating to see such discrepancies in wage growth across the UK, especially over a period as long as seven years.
“While many will be focused on wage increase or decrease over the past year, it’s important to step back and take a wider view of things and assess the trends over a longer term.”
The study also revealed that the London boroughs of Kensington & Chelsea and Hammersmith & Fulham have the highest average wage in the country at £8,354 per month.
This is more than double London’s mean salary of £3,911 and more than £5,000 more than Hackney and Newham’s.
That is despite the boroughs of Hackney and Newham experiencing the highest percentage increase over the seven years.
Going by nation, England saw the greatest wage increase of 24 per cent while Scotland’s average monthly pay packet only grew by 17 per cent.