BBC News: Wages Rising Faster
15th May 2018 - Wages in UK rising faster than inflation for first time in more than a year.
Wages rose at an annual rate of 2.9% in the three months to March, faster than inflation for the first time in more than a year, official figures show. Over the same three-month period, the inflation rate was 2.7%. But what does that mean regionally? It is not a great surprise that London exceeds the National Average weekly earnings of £610, with London showing £779. House prices are higher in London alongside nearly everything else from eating out to buying household goods showing on average 7.0% above the UK average. With the exception of the communication division, where there is no observed regional variation in price levels, London has the highest for all nine divisions, the highest being for recreation and culture, which is 14.8% above the UK average, closely followed by restaurants and hotels, which is 13.0% above the UK average.
So if you are looking for a region to live, it is worth noting these facts before making your decision. You can also download a Free App devised by Hopewiser which will show you transport links, schools, hospitals and entertainment venues available near any given postcode in the country.
Source: HM Land Registry
Source: Office for National Statistics
*IMPORTANT NOTE REGARDING LFS EARNINGS ESTIMATES
The data on individual’s earnings captured by the LFS is thought to be of a lower quality than ASHE or AWE as LFS information is self-reported by employees. ASHE and AWE however, gather information from the employer which is thought to be more accurate as employers can consult payroll records. Individuals may not have such records to hand and their responses may therefore be subject to higher levels of recall error. Furthermore LFS responses can be given by proxy (by other individuals in the same household) when an individual is unavailable for interview. This gives further scope for recall error from respondents. Due to this recall error, estimates of earnings based on the LFS that are published by the ONS typically exclude those who earn more than £100 per hour as a quality assurance measure. These factors combined mean that gross weekly and hourly pay are known to be underestimated on the LFS.
Estimates of gross weekly and hourly earnings from the LFS are based upon 2/5 of the quarterly sample and are therefore subject to high sampling variability. For this reason, ONS recommends that any short term measurement of change be made with caution.
1 Full-time is based on respondents' self-assessment. The estimates relate to an individual's main job only.