Studio Retail separates its financial services division with expansion and growth planned for both companies The UK Industries seeing the smallest increase in wages

Financial and Insurance Activities has seen the smallest increase in wages, with wages actually dropping by nearly 6% in the last year last five years.

Studio Retail has announced that it will officially separate its Retail and Financial Services business, with an expansion plan in place to help unlock the potential of both businesses.

The group’s Financial Services business will be known as Frasers Group Financial Services Limited (FGFSL) and is regulated by the Financial Conduct Authority (FCA). As the name suggests, through its formation FGFSL takes on a broader role by providing financial services across the wider Frasers Group as well as Studio, unlocking great potential for growth. The team will continue to be housed in Clayton le Moors.

Studio Retail Trading Limited (SRTL) is the new legal entity for the Studio Retail business. Although now distinctly separate businesses, the relationship between SRTL and FGFSL will continue and they remain inter-related to deliver the best outcomes for customers with economies of scale. Given the expansion plans for FGFS, there is a plan to recruit in excess of 100 roles to fulfil the extra demand created.

In a study by UK financial services provider CMC Markets, figures released from the Office for National Statistics, featuring results from their Wages and Salaries Survey since January 2000, were analysed. It found that the Financial and Insurance Activities industry has seen a drop in average wages in one year. In January 2022, average weekly earnings sat at £1,746 for the industry, which went down to £1,649 in January 2023, a decrease of 5.88%. However, the industry has seen a five year increase of 19.10% on average wages. The Real Estate Activities industry takes second on the list. Weekly earnings in the industry decreased from £647 to £629 between January 2022 and January 2023, which is a percentage decrease of 2.86%. The industry, however, has seen a 19.71% rise in weekly earnings in the

Coming in third place is the Arts, Entertainment, and Recreation sectors. Between January 2022 and January 2023, the average weekly earnings in the industry dropped from £448 to £439, a percentage decrease of 2.05%. The study found the five year change to be an increase of 14.81% as well.

Taking fourth place on the list is the industry for Other Service Activities, which includes activities like tech repairs, hairdressing, dry cleaning, and more. Average weekly earnings went from £442 in January 2022 to £448 in January 2023, a percentage increase of 1.34%, making it the industry where wages have changed the least. The five-year change in wages in the industry was also an increase of 23.36%

Rounding out the top five is the Wholesale Trade industry, which has seen weekly earnings rise from £768 in January 2022 to £779 in January 2023, an increase of just 1.41%. Over the past five years, average weekly earnings have also risen 23.36%.