LONDON (Reuters) – Workers who found new jobs in London’s financial services sector during 2014 secured an average 18 per cent salary rise, reflecting increased demand for staff, data from recruiter Morgan McKinley showed on Monday.
Pay data is politically and economically sensitive as Britain heads towards a general election in May and the Bank of England considers when to start raising interest rates, unchanged at 0.5 per cent since March 2009.
The salary jump in the City far outstrips pay growth for British workers in general, which has only recently shown signs of picking up after lagging inflation for most of the period since the 2008 global financial crisis. Recruitment firm Hays said last week it expected wage growth of up to 3 per cent for skilled workers this year.
Some 4,620 new jobs were created in London’s financial services industry in December, according to the Morgan McKinley London Employment Monitor, up 13 per cent on the same period the year before, but down 37 per cent on the previous month.