The top engineering salaries in 2018 for countries outside the UK are set to surge as Britain prepares to leave the European Union, with engineering salaries increasing by almost a third.
The UK has one of the highest salaries in the world with a median salary of £61,000 a year, but it has fallen behind Germany and France, which have both posted increases.
According to the Institute for Fiscal Studies, Britain’s median salary rose by more than a third to £64,000 last year.
The US is next with a rise of 6.5 per cent to £60,000, while Australia and Japan are among the highest paid.
The institute’s annual survey of salaries across the world found that engineering salaries have increased by more in Germany and Japan than in the UK since the financial crisis, while in the US they have dropped by almost half.
“In Germany and in Japan, salaries are now more stable than they were two years ago,” said Paul Stuckler, the IFS’s chief economist.
“There is a slight dip in wages in both countries, but that is a result of the economic crisis, not because of the Brexit vote.”
So the UK is on track to increase its median salary by more this year than any other country.
“The IFS has also set out what the average pay for engineering jobs in the country is now.
The IFF says that engineers now earn a median wage of £56,000 in the United Kingdom, with an average hourly wage of just over £10.
In 2017, engineering was a particularly good year for UK jobs, with companies employing more than one million people earning a median of £47,000.
However, the report found that in 2018, the average salary for engineers in the sector is down by just under half a million pounds to £48,000 and it is down 1.3 per cent compared to 2017.”
That is an even larger drop than the 1 per cent drop in the number of engineering jobs that were created in the last year,” Mr Stucklers said.”
It’s clear that the UK needs to focus on attracting talented engineers to help it build its tech sector.”UK technology firms and companies with high turnover have been particularly hard hit by Brexit, with British tech companies losing up to a third of their workforce in the first quarter of 2019 alone.
However in the wake of the EU referendum result, the Government has said that the Government will not be seeking to leave Europe’s single market, and it has announced that the government will be renegotiating its relationship with the EU to ensure that it keeps its access to the single market.”
The Government will make a positive case for staying in the single marketplace, not for leaving the single currency,” said a Government statement.”
We will be maintaining a clear, forward-looking approach that will keep Britain competitive with the rest of the world and protect our global competitiveness,” it said.
The British economy has been in the red since the Brexit referendum.
The Government has already announced a raft of measures to help British companies, including an investment plan for the automotive sector, as well as a tax reform to help fund businesses.
However the Brexit impact on the UK economy has also been felt elsewhere.
Last month, the European Commission announced that it would impose new sanctions on companies that are deemed to have “unfair” tax practices.
The EU has said it would increase penalties for companies that fail to pay their tax bills.