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Regions cut pay gap with London as capital's workers feel squeeze

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Official figures analysed by the Financial Times show that workers who live in London have suffered a bigger wage squeeze than those in any other UK region since the crash. Annual pay rose just 2.5% in cash terms for the median worker living in the capital between April 2008 and April 2014, compared with a 5.9% increase for the average UK worker and a 9.9% hike for the median worker in the North East. Tony Travers, a professor at the London School of Economics, said the capital's pattern of weak wage growth and strong job creation looked like a more extreme version of trends that have characterised the UK labour market as a whole since the crisis. 'London does have the biggest private sector economy of any region in the country,' he noted, 'so it's likely to be the least unionised, the most flexible.'

 

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