Real wages in London have decreased by 5.6% since 2008, creating concerns over skilled labor retention in the city. Despite London accounting for over 20% of Britain's economic growth, compensation stagnation, mainly affecting higher earners, has led to stagnant productivity, notably in finance and tech. Analysts warn that high living costs combined with lagging salaries may drive talent to cities like New York and Paris. Increasing productivity across UK regions could potentially reverse this trend, as evidenced by Glasgow’s wage growth of 9.1% since 2008, showing recovery is feasible.
Real wages in London have slumped by 5.6 per cent since 2008, raising concerns over talent retention and productivity in key sectors.
High earners in London have faced significant wage stagnation since the financial crash, raising questions about the city’s economic resilience.
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