CITY OF LONDON wages have shot up by an average of 12% over the last year, according to new research out today.
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But even that bumper pay rise is dwarfed by the 21% rise in pay for managing directors in London’s financial district, finds the survey for recruitment firm Astbury Marsden.
The average City director now pulls in £237,000 a year and the average City worker £83,000.
Meanwhile, a separate survey found that wages in the UK’s manufacturing industry rose by only 2.4% since this time in 2010. With inflation running at over 5%, that means an effective pay cut.
The report by the Engineering Employers Federation also found that more firms were planning wage cuts and pay freezes in the coming months.
Yet another survey, this time covering the whole of Europe, found that corporate profits have increased by 11% this year and are forecast to rise by 10.5% next year.
That would be the fourth year in a row that profits across the continent had risen by more than 10%.
As we reported back in June , the economy might be in a bad shape for most people, but the super-rich are living it up like never before.
