New research has revealed the UK areas that have seen the biggest wage increases, with Melton coming out on top.
The study by UK financial services provider CMC Markets analysed the latest release from the Office for National Statistics, which showed hourly wage data for every local authority in the United Kingdom, without overtime.
It found that the Leicestershire area of Melton saw the most significant increase in wages. Melton鈥檚 hourly pay on average was 拢13.33 in 2021, which has now increased to 拢17.99 in 2022, a percentage increase of 34.96%.
The Essex area of Maldon comes in second place. The area had an average hourly wage of 拢14.67 in 2021, which has increased by 31.77% and now sits at 拢19.33 in 2022.
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The Cotswold area, located in Gloucestershire, takes third place. The area currently has an average hourly pay of 拢17.81, which has increased by 24.89% from 2021鈥檚 value of 拢14.26.
Coming in fourth place is the London borough of Sutton. In 2021, the area had an average hourly pay of 拢16.82, which in 2022 now sits at 拢20.73, a percentage increase of 23.25%.
Rounding out the top five is East Dunbartonshire, one of three Scottish areas in the top ten. The area had an average hourly pay of 拢14.99 in 2021, which has increased by 19.35% in 2022 to 拢17.89.
Commenting on the findings, CMC Markets鈥� chief market analyst Michael Hewson said: 鈥淲hat鈥檚 fascinating to see is the huge wage growth in so many areas, and how it isn鈥檛 just tied to one area with locations across Britain making their way into the top ten. This wage growth is also seen outside of financial hubs and major cities, which may make people question whether the inner city pressure is worth it.鈥�
