City workers have witnessed 6 per cent rise in their average pay in July as compared with the previous month.

Average pay for financial workforce in London has been soared to £53,223.

Statistics from Morgan Mckinley, a recruiter, also revealed that the gain that the job market scored in June was continuing through July, revealing a rebound in the job market.

The pay is still 1 per cent lower as compared with last year, but confirmed jobs activity has revealed early signs of revival after the economic downturn.

In spite of seasonal summer fall of 7 per cent since June, new job vacancies were recorded at 3,528 in the month of July.

Financial institutions such as HSBC, Barclays, Goldman Sachs and JPMorgan are backing their staff up with skilled workers, showing their intention to compete in the market.

MD of Morgan McKinley's financial services division, Andrew Evans said, "With slightly more competition between employers to secure the very best talent, the average City salary crept up last month."