City workers received double-digit wage rises while people on the lowest incomes were paid annual increases of just 1% in the last year, according to a study that illustrates the ability of better-paid workers to protect themselves from the cost of living crisis.
The CEBR (Centre for Economics and Business Research) said workers in the banking and insurance sector had secured inflation-busting increases together with lawyers, accountants and professional services staff, mainly among those working in London’s financial district.
