Salaries in Britain Soar to Two-Year High, but Pay Growth Slows

According to Adzuna, starting salaries advertised in Britain hit a two-year high in April, with the average advertised annual salary reaching 37,658 pounds.

This is up 2.9% from the previous year and slightly below the highest level in April 2021.

The increase in advertised salaries has been steadily rising since October 2022, and there were also more job vacancies in April than in December.

Basic wages in the UK increased by 6.7% in the first quarter of this year, and were at an all-time high of 598 pounds a week in March.

However, pay growth has not kept up with consumer price inflation, which eased to 8.7% in April.

The Bank of England is closely monitoring the jobs market for inflationary pressures, but expects pay growth to slow.

Overall, online job adverts climbed to 1.046 million in April, the highest since December 2022.