Majority of workers not experiencing wage growth

While the news that UK inflation fell further than expected has been very much welcomed, data shows that most workers aren’t seeing increased wages.

UK inflation fell in June to 7.9% with both the government and the Bank of England saying salary increases are a key factor for inflation.

However, figures from CV-Library show that even with the rate at a new 15-month low, only three UK regions are experiencing wages increasing at, or above, the current rate of inflation.

Data shows year-on-year salary increases by region are as follows:

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

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.

“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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