Salaries won’t return to pre-crisis levels until 2030 in some parts of the UK, analysis shows

WAGES won’t return to pre-crisis levels until 2030 in some parts of the country, analysis shows today.

Workers in London and the East Midlands are the hardest hit as official figures show hourly pay is currently £12.90 an hour compared to £13.34 back in 2008.

Wages are set to return to pre-crisis levels in 2024 but London and the East Midlands won’t reach those levels until 2030 and 2028 respectively

On average it is set to return to 2008 levels by 2024, but Londoners won’t see it in their pay packets until 2030 and in the East Midlands by 2028 with Scotland closest to getting back to its peak by 2020.

The Resolution Foundation think tank said Britain was now two thirds of the way through an “unprecedented pay downturn”.

But experts said there were green shoots as nominal weekly wages grew at an annual rate of 3.1 per cent in the three months to August – the fastest pace since the crisis.

And Stephen Clarke, senior economic analyst at the Resolution Foundation, said hotel workers, waiting staff and financiers could buck the trend.

The Resolution Foundation thinks hospitality and financial staff could contradict the trend


He said: “While the long-run picture on pay is pretty gloomy, there are now signs that Britain’s long overdue pay recovery is finally gaining momentum.

“Nominal pay growth has hit 3 per cent for the first time since the crisis, and could strengthen further in the coming months.

“Sectors like hospitality, finance, and real estate are already experiencing pay rises well above 4 per cent as the pool of available labour to draw upon continues to shrink.”

Leave a Reply

Your email address will not be published. Required fields are marked *