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. The breakdown is as follows:
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 continues “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."
*Based on year-to-date salary figures compared to 2022
