Indexed gross annual pay in London and England (2002-2020)
Change in real annual gross pay by job pay percentile in London (2020)
Annual earnings dropped tremendously since 2008 (in real terms) where in 2014 the bottom 10th percentile saw the largest decrease of 22.4%.
Since then, there has been an increase in annual, in particular for the top 90th percentile as gross annual pay also includes bonuses. In 2020, the 90th percentile is close to their 2008 level annual earnings by shy of 4%. The 10 percentile is still 14.3% below the 2008 levels of earnings.
Although, comparing annual earnings between different time periods gives a whole other picture. When looking at the change in annual earnings within the last year (in 2020 real terms) earnings have decreased across all percentiles, although less so when comparing to that of 5 years ago. Since 2020, annual gross pay seems to have increased for almost all job pay percentiles besides the top two.
The data on annual earnings refer to earnings within a reference week in April. The data annual earnings has not been impacted by any changes in actual hours worked, as is the case with weekly earnings.