Halifax: Average salary increases

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Halifax: Average salary increases

Fri 28th Nov 2008

Halifax has released the results of a survey which shows that the average UK salary has actually increased over the course of the last five years, despite the current financial doom and gloom.

According to the mortgage-lender the mean average salary has increased by 21 per cent since 2003, from £25,939 to £31,500.

Halifax's research shows that at the same time, retail prices have increased at a slower rate of just 18 per cent, suggesting that people should have more, not less disposable income than five years ago.

Martin Ellis, chief economist at Halifax, said: "Average earnings in Great Britain have risen by more than retail prices over the past five years, indicating an increase in living standards for the typical worker."

However, he admitted that the average may have been distorted by some of the big salary increases seen in certain areas of the south of England.

Alistair Darling unveiled measures on Monday aimed at helping those whose living standards are now slipping.

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