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Full-time workers in Ipswich earned £34,873 annually as of April 2024, falling £2,648 below the national average of £37,521, new figures from the Office for National Statistics reveal.
Why it matters: The earnings gap highlights ongoing economic disparities between Ipswich and other parts of the country, particularly within the East of England where the average wage is even higher at £39,065.
The big picture:
Full-time employees in Ipswich saw their earnings rise by 5% compared to the previous year.
However, local workers still earn significantly less than both regional and national averages.
The gap between Ipswich and East of England earnings stands at £4,192 annually – £349 per month.
What's next: Changes to employer national insurance contributions could further impact future wage growth, according to economic experts:
Employers' national insurance will rise from 13.8% to 15% in April
The threshold will drop from £9,100 to £5,000 annually
What they're saying: "I said that it will have consequences," the Chancellor told the BBC about the national insurance changes. "It will mean that businesses will have to absorb some of this through profits, and it is likely to mean that wage increases might be slightly less than they otherwise would have been."
James Smith, research director at the Resolution Foundation economic think tank, added: "This is definitely a tax on working people, let's be very clear about that. Even if it doesn't show up in pay packets from day one, it will eventually feed through to lower wages."
Shadow Treasury chief secretary Laura Trott said the Budget will hit workers' pay.
She added: "This follows from the OBR saying household income will fall by 1.25%, and inflation will be pushed up because of the decisions in Labour’s Budget.
The bottom line: While Ipswich workers have seen a 5% wage rise over the past year, they continue to earn £2,648 less than the national average and over £4,000 below typical East of England earnings.
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