City pay passes £50,000 mark

The average salary for employees in London’s financial district has broken through the £50,000 mark for the first time.

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A typical City worker now earns £51,571 a year, a 10% increase on March 2005, according to recruitment firm Morgan McKinley.

The number of financial services jobs created in the Square Mile last month also showed a record increase, up 54% from the same time last year at 7,700.