North vs South
Bad news for Northerners – if you want your salary to rise you need to go down South, according to new research.
Workers in the North of England now take home just 62% as much their London counterparts, says ReThink Recruitment. The financial services sector is particularly badly affected, with Northern employees earning 44% of London salaries.
But it’s not all doom and gloom up North. In the IT industry, salaries are growing almost 30% faster in Northern England than in London – and the future looks rosy.
‘Skills shortages are an important factor driving wage rises for professionals in the North,’ says Jon Butterfield, director at ReThink Recruitment. He continues: ‘Employers are offering big incentives to draw IT staff away from the South East.’
London may still offer the highest-paying IT jobs thanks to the financial services industry, but you get more bang for your buck up North. ‘Developers skilled in the latest Web technologies, for example, can earn almost as much in Manchester [as in London] and the cost of living is considerably cheaper,’ says Butterfield.