10th January 2023

The UK areas with the biggest increase in wages 

 

·         Melton has seen the biggest increase in wages this past year, with hourly pay increasing by 35% 

·         Maldon and Sutton take second and third place, respectively 

 

New research has revealed the UK areas that have seen the biggest wage increases, with Melton coming out on top. 

The study by UK financial services provider CMC Markets analysed the latest release from the Office for National Statistics, which showed hourly wage data for every local authority in the United Kingdom, without overtime. 

It found that the Leicestershire area of Melton saw the most significant increase in wages. Melton’s hourly pay on average was £13.33 in 2021, which has now increased to £17.99 in 2022, a percentage increase of 34.96%. 

The Essex area of Maldon comes in second place. The area had an average hourly wage of £14.67 in 2021, which has increased by 31.77% and now sits at £19.33 in 2022. 

The Cotswold area, located in Gloucestershire, takes third place. The area currently has an average hourly pay of £17.81, which has increased by 24.89% from 2021’s value of £14.26. 

Coming in fourth place is the London borough of Sutton. In 2021, the area had an average hourly pay of £16.82, which in 2022 now sits at £20.73, a percentage increase of 23.25%.  

Rounding out the top five is East Dunbartonshire, one of three Scottish areas in the top ten. The area had an average hourly pay of £14.99 in 2021, which has increased by 19.35% in 2022 to £17.89. 

 

Rank	Area	2021 Average Hourly Pay	2022 Average Hourly Pay	Past year percentage increase
1	Melton	£13.33	£17.99	34.96%
2	Maldon	£14.67	£19.33	31.77%
3	Cotswolds	£14.26	£17.81	24.89%
4	Sutton	£16.82	£20.73	23.25%
5	East Dunbartonshire	£14.99	£17.89	19.35%
6	Bury	£14.67	£17.43	18.81%
7	West Oxfordshire	£16.42	£19.33	17.72%
8	Uttlesford	£17.12	£19.97	16.65%
9	Midlothian	£15.38	£17.93	16.58%
10	Three Rivers	£21.13	£24.63	16.56%

Source: ONS Dataset - Earnings and hours worked, place of residence by local authority, 2022 edition

 

Commenting on the findings, CMC Markets’ chief market analyst Michael Hewson said: “What’s fascinating to see is the huge wage growth in so many areas, and how it isn’t just tied to one area with locations across Britain making their way into the top ten. This wage growth is also seen outside of financial hubs and major cities, which may make people question whether the inner city pressure is worth it.” 

The study was conducted by CMC Markets, a UK-based financial services company that offers online trading in shares, spread betting, contracts for difference and foreign exchange across world markets. To learn more about spread betting, click here. 

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when spread betting and/or trading CFDs. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. 

ENDS 

About CMC Markets:  

CMC Markets was established in 1989 and is now one of the world's leading online financial trading businesses. The company serves retail and institutional clients through regulated offices and branches in 12 countries, with a significant presence in the UK, Australia, Germany and Singapore. The Group offers an award-winning, online and mobile trading platform, enabling clients to trade over 10,000 financial instruments across shares, indices, foreign currencies, commodities and treasuries through contracts for difference ("CFDs") and financial spread bets (in the UK and Ireland only). Clients can also place financial binary bets through Countdowns and, in Australia, access stockbroking services.  

Disclaimer: 

CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination. 

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when spread betting and/or trading CFDs. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. 

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