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United Kingdom

Basic Economic Summary

The United Kingdom is on the cusp of increased hiring, following major investments in the tech industry. With nearly 9% of employees in the tech sector, as of 2021, companies are looking to hire relevant professionals to ensure pre-pandemic growth levels. With technology forming the core of communication and financial transactions, various sectors are now looking to hire technical professionals. Salary trends are also on the rise, with tech-based roles paid significantly higher than non-technical positions. Moreover, senior technical roles account for nearly two-thirds the advertised vacancies in the UK, a contrasting image from other industries where opportunities are stagnating. From December 2020 to March 2021, nearly 25% of companies recruited for various positions. The recruitment drive was led by IT and tech roles (19%), followed by operations (17%), sales (14%), management (13%) and finance (12%).


  • Local Languages: English
  • Major Economic Hubs: London, Manchester, Liverpool, Leeds, Glasgow, Birmingham
  • Capital: London
  • Currency: Pound Sterling
  • Population: 68 million
  • Date Format: dd/mm/yyyy

Useful Information

  • GDP Per Capita (in USD, 2020): 41811.36
  • ExchangeRate (GBP/USD): 1.33
  • PISA Ranking (2018): 13
  • Number of University Graduates (2017/18): 34 million

Local Universities

Top Local Universities

University Rankings
University of Oxford Ranking in UK: 1, World Ranking: 2
University of Cambridge Ranking in UK: 2, World Ranking: 3
Imperial College London Ranking in UK: 3, World Ranking: 7
UCL Ranking in UK: 4, World Ranking: 8
The University of Edinburgh Ranking in UK: 5, World Ranking: 16

Salary Data

Average Salary of Jobs (Per Month)

Job Title Average Salary Range (GBP) Average Salary Range (USD)
Finance Manager 6,091 - 19,416 8,092 - 25,796
Fullstack Developer 2,641 - 9,083 3,508 - 12,068
Data Analyst 2,816 - 8,291 3,741 - 11,015
UX Designer 2,433 - 7,750 3,232 - 10,296
Product Manager 4,050 - 12,916 5,380 - 17,160
Customer Service Assistant 1,000 - 3,458 1,328 - 4,594

Talent Sourcing Tips

  • Number of LinkedIn Users (2021): 31.2 million
  • Top Local Job Portals: Adzuna, Indeed UK, Monster UK, Reed UK
  • Top Recruitment Agencies: Venturi-Group, Adecco, Hays, Reed, Michael Page


Employer Payroll Tax

Types of Tax Contribution
National Insurance Rate 13.8%
Pension Fund 3.00%
Apprenticeship Levy (Of those earning > 3 million pounds) 0.5%
Total Employment Cost 16.8%

The employer payroll tax can be found here.

Employee Payroll Tax (Data as of December 2021, new data will be published in July 2022)

Type of Tax Contribution
National Insurance Rate (month)
0 - £719 1.45%
£719.01 - £4,167 12%
> £4,167 2%
Pension Fund 5%

Employee Monthly Income Tax

Income tax is levied annually as follows:

Rate Annual Income Level in GBP
0.00% 0 - 12,570
20.00% 12,571 - 50,270
40.00% 50,271 - 150,000
45.00% Over 150,000

More information on income taxes levied can be found here.

Minimum Wage & Payroll

Minimum Wage (April 2022)

Age Group Rate
> 23 £9.50
21 to 22 £9.18
18 to 20 £6.83
Under 18 £4.81
Apprentice £4.81

Payroll Cycle

Paid monthly between 25th and 30th of the month.  


No 13th month salary.

Working Hours & Statutory Leave

Working hours

Maximum 46 hours on average.

Overtime pay

Employers do not have to pay for overtime pay.

Public Holidays

Number of public holidays is 9 days. The list of holidays can be found here.


Annual Paid Leave

28 days for someone working five days a week.

Sick Leave

No legal upper limit; Statutory Sick Pay covers from the 4th day of sick leave (if qualified)

Parental Leave

Maternity Leave - Up to 52 weeks; 39 weeks are paid

Paternity Leave - 1 or 2 weeks

Offboarding & Termination

Termination Process

Termination is moderately simple with a notice given as well as severance pay for the employee based on the years of employment and age.

Notice Period

Employment Period Notice Period
1 month to 2 years 1 week
>2 years One week for each year of employment

Severance Pay

For employees that worked more than 2 years, redundancy pay is calculated as follows:

Age group Redundancy Pay
< 22 Half a week pay for each full year
Older than 22 and under 41 One week pay for each full year
Older than 41 One and a half week pay for each full year

Probation period

Not mandatory, usually 6 months.


A standard VAT rate of 20% is levied on all goods and services in the United Kingdom.

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