Hackney posts highest wage growth of any London borough
Several London boroughs have seen wage growth over the past seven years more than double the national average, new research has found.
The boroughs of Hackney and Newham have both seen their wages increase by 45% since 2014, according to a study by money transfer company Xendpay.
This represents the fastest growing wages in the whole of the UK.
Along with these boroughs, Camden and the City of London have also seen an average salary increase since 2014 of almost 40%.
Tower Hamlets and Brent also saw strong increases with growth of 33% and 32% respectively.
Newham and Hackney’s wages grew 15 times faster than those of Aberdeen, which saw the smallest increase of any local authority in the country.
At the other end of the London scale, the smallest wage increase since 2014 was at Enfield, Havering and Barking & Dagenham.
In these boroughs of north and east London, incomes rose only 22%, which is less than half of the increase seen in Hackney and Newham
Xendpay collected data from the Office for National Statistics (ONS) which compared monthly salaries between June 2014 and May 2021.
A spokesperson for Xendpay said of the results: “It is fascinating to see such gaps in wage growth in the UK, especially over a period of up to seven years.
“While many will be focusing on increasing or decreasing wages over the past year, it’s important to take a step back and take a broader view and assess longer-term trends. “
The study also found that the London boroughs of Kensington & Chelsea and Hammersmith & Fulham have the highest average salary in the country at £ 8,354 per month.
This is more than double the average London salary of £ 3,911 and over £ 5,000 more than that of Hackney and Newham.
This is despite the fact that the boroughs of Hackney and Newham saw the largest percentage increase in the seven years.
By country, England saw the biggest pay rise of 24%, while Scotland’s average monthly salary only increased by 17%.