The Kingdom of Great Britain was the precursor to today’s United Kingdom of Great Britain and Northern Ireland, sometimes referred to as the United Kingdom of Great Britain. It was a sovereign European state established on 1 May 1707 as a political union between the Kingdom of Scotland and the Kingdom of England (which included Wales). The Treaty of Union establishes a single United Kingdom covering the entire island of Great Britain and the surrounding small islands. The total area of the United Kingdom is 242,500 km² and the population in 2023 exceeds 68 million people. Unemployment is only 3.7% (1.25 million people).
The United Kingdom economy ranks sixth in the world in terms of gross domestic product (GDP) and eighth in purchasing power (PPP). The economy of the country is characterized by a high level of income and a very high index of human development (13th place in the world). Today, Britain remains one of the world’s great powers, possessing considerable economic, cultural, military, scientific, technological and political influence internationally. It is a recognized nuclear power, ranking fourth in the world in terms of military spending.
Britain, with its rich history and diversity, attracts people from all over the world not only because of its beautiful landscapes and cultural heritage, but also because of the opportunity to work. In this blog, we will look at salaries in the country, focusing on minimum and average earnings, different professions, and how wages are distributed in different regions. Also, we will look at income and living cost taxes that need to be taken into account.
Minimum wage
In terms of wages, the United Kingdom occupies one of the highest positions in Europe. The country has a fair social security system, the economy is developing dynamically and the situation on the labor market is quite stable. British incomes are growing even despite changes related to the procedure for the withdrawal of the United Kingdom from the European Union.
The United Kingdom has an established minimum wage, which is set by the government and updated periodically. In recent years, the trend has been towards a gradual increase in the minimum wage, a measure taken to support low-income workers.
The minimum wage in the United Kingdom will be raised from April 2024 to reach at least 11 pounds per hour (12.67 euros). The minimum hourly wage is now 10.42 lira (12 euros) and according to the government, two million people will be affected by the planned increase.
Average salary
The average salary in the United Kingdom varies by sector and region. The financial sector in London, for example, usually offers higher wages than other areas. The average wage is often used as an indicator of the economic well-being of the country.
According to the United Kingdom Office for National Statistics, taking into account bonuses, the average salary in England in 2023 is £588 per week, £2,548 per month and £30,576 per year, which in euros is 670, 2,905 and 34,880 respectively. The figures do not include taxes and other compulsory deductions. The average salary of British workers largely depends on age, gender, occupation, experience, qualifications, company and city.
The most promising sectors of the United Kingdom economy, where wages are projected to increase in 2024, are considered construction, manufacturing, engineering and hospitality. Men in England earn an average of 17% more than women.
Salaries by Region
Wage differentials between different regions of Britain are an important decision factor in choosing a job or place of residence. London, as an economic centre, usually offers higher wages, but with a corresponding higher cost of living. The highest salaries in the United Kingdom are recorded in London, Bristol, Cambridge, Manchester and Birmingham, while the lowest are in Wigan and Mansfield.
Wages by industry (pounds per year)
Financial services – 35 800
Information technology – 35 176
Construction – 30 998
Production – 29,797
Retail trade – 26 587
Education – 25,101
Salaries by Professions
Wages in the United Kingdom vary greatly according to the profession chosen. For example, engineers and programmers often receive higher wages than service workers. Here are some of them in pounds on an annual basis:
§ Brokers – 133 677
§ CEOs and senior managers – 107 703
§ Air transport pilots – 90 146
§ Lawyers – 73,425
§ Doctors – 69 463
§ Tax experts – 46 551
§ Brokers – 44 423
§ Architects – 43 029
§ Machine engineers – 41,389
§ Programmers – 40 748
§ Dentists – 40 268
§ Civil engineers – 40 200
§ Teachers – 40 054
§ Police officers – 38 720
§ Accountants – 38,692
§ Electricians – 30 345
§ Social workers – 28 745
§ Nurses – 26 252
§ Carpenters – 24 817
§ Cooks – 17 513
§ Cleaners – 17,402
§ Waiters – 7 554
Payroll taxes
In the United Kingdom there is a progressive income tax scale of 0 to 45%. Like the minimum wage, rates are revised every year on 1 April. The amount of non-taxable income is £12,570 per annum. This provision does not apply to annual earnings in excess of £123,000.
UK income tax in 2023
UK income tax in 2023
Annual income / Tax rate (%)
Up to 12,570 / 0
From 12,571 to 50,270 / 20
From 50,271 to 125,139 / 40
More than 125 139 / 45
In the United Kingdom United Kingdom, there is an effective system of social benefits and benefits that allow you to partially compensate for taxes paid on wages.
Cost of Living
Living in the United Kingdom, despite its many advantages, can be associated with significant costs. However, not only the salary but also the quality of services, education, healthcare, etc. should be taken into account.
It is important to take into account not only the salaries themselves, but also the cost of living and the quality of services provided in different regions of the country. This is the key to making an informed decision about the working environment and living in the United Kingdom.