Indexed gross weekly pay in London and England (2002-2021)
Change in real weekly gross pay by job pay percentile in London (2021)
At its lowest point in 2014, jobs at the 10th percentile of gross weekly pay in London had weekly pay of almost 16% lower (in real terms) than in 2008. This compares to a just above 6.5% fall for those at the 10th percentile in England overall.
Pay for these jobs in London were still 8.3% lower in real terms than their 2008 level in 2020. In 2021, we see an increase in weekly pay which leaves it 4.9% below the level in 2008. Within London, only the top 90th percentile have not experienced the slight increase in weekly earnings between 2020 and 2021. Data from 2021 represents an average across the three financial years – two of which pre-date COVID-19 and therefore do not reflect the true impact of the pandemic.
The volatility of weekly earnings across the years should be acknowledged. When looking at the change in weekly earnings within the last year (in 2021 real terms) earnings have increased for the percentiles at the median or less, and decreased above that - most markedly for the highest earning percentile (90th). The longer term trend over the decade shows essentially the same pattern but more pronounced, with the lowest earning percentile seeing a 13% increase in earnings, and the 90th seeing more than 3% drop.