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Pay hike in UK's financial hub

Firms in London's main financial district, known as the City, awarded new staff with average pay increases of 20pc in July as companies added employees in product control and information technology, a survey showed.

That marks the biggest 
average monthly pay rise since April and compares with a 14pc gain in the previous month, Morgan McKinley, a services recruiter, said in its London Employment Monitor published yesterday.

The number of job vacancies jumped 10pc to 9,315 in July from the previous month, while increasing 32pc from a year earlier.

Meanwhile, Bank of England governor Mark Carney (pictured) has got the backing of economists to keep interest rates at record lows, claiming there remains enough slack in the economy to hold it.