London boroughs with fastest and slowest wage growth revealed
- Credit: PA
The London boroughs with the highest and lowest wage growth over the last seven years have been revealed.
New Office for National Statistics (ONS) data shows wages in Hackney and Newham have increased faster than anywhere else in the UK from July 2014 to May this year, growing 45 per cent.
The average monthly wage in those boroughs is £3,032, compared with £2,098 at the beginning of the period.
This percentage increase is almost twice the average growth across England as a whole (24pc).
However, the monthly pay figure remains well below London’s overall average of £3,911.
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Barking and Dagenham and Havering have had the joint slowest wage growth in the capital at 22pc.
The increase in monthly pay in those boroughs over the last seven years is less than half that in Hackney and Newham.
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The average wage in Barking and Dagenham and in Havering is now £2,618, compared with £2,141 in July 2014.
This percentage increase was equal lowest with Enfield, but from a lower average wage base.
A spokesperson for money transfer platform Xendpay, which carried out the study of the ONS data, said: “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.”