People employed in London are £50,000 worse off since 2010 due to a 'scandalous' lack of wage growth, claims a report by Mayor of London.
Economists from the Greater London Authority have analysed pay trends in the capital and compared them to inflation rates.It was written by the Mayor of London's officeThe Treasury has been approached for commentPeople employed in London are £50,000 worse off since 2010 due to a "scandalous" lack of wage growth, claims a report by Mayor of London Sadiq Khan.
Mr Khan has called on the government to improve the economic situation in the capital, including increasing the amount spent on affordable housing.The analysis conducted by the Greater London Authority on behalf of the mayor used pay data from London and the UK between 2010 and 2022, and compared it to rates of inflation over the same timeframe.
However, had wages increased from 2010 to 2022 at the same rate as the previous decade, the average pay would be £47,600, the report finds. Mr Khan said the government "should be doing much more" to tackle "sluggish" wage growth, which was "harming millions".
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