Workers in the West Midlands must wait until 2023 before wages return to the level they were at before the banking crisis.

A new study has found that the average weekly wage in the region is still lower than it was in 2008, before the near-collapse of the UK’s banking system. once inflation is taken into account.

While wages have risen, the rise has not been enough to keep up with inflation - which means pay has actually fallen in “real terms”.

Latest official figures show real hourly pay in the West Midlands is around £11.78 an hour.

According to think tank the Resolution Foundation, this is nearly 3% less than before the economic crisis, in real terms.

And wages aren’t expected to reach the same level that they were in 2008 until 2023.

This prediction is based on projected wage increases and inflation levels published by the Office for Budget Responsibility, the official Treasury watchdog.

However, workers in other parts of the country will have even longer to wait.

Wages in the North West won’t reach the pre-crisis level until 2025, and in London this won’t happen until 2030.

Pay prospects are also determined partly by the industry where people work, and the Resolution Foundation predicts that pressure to increase pay to fill vacancies could be particularly strong in the information, communications, and finance sectors, where the ratio of unemployed people who previously worked in those sectors to vacancies is relatively low.

Sectors with a low ratio of unemployed people to vacancies are already experiencing relatively strong pay growth, with nominal pay growing by 6.2 per cent in real estate, 5.7 per cent in accommodation and food services, and 4.5 per cent in finance.

Stephen Clarke, Senior Economic Analyst at the Resolution Foundation, said: “Britain is just two-thirds of the way through an unprecedented pay downturn. The level of pay workers enjoyed before the crisis is not expected to return until the middle of the next decade.

“For Londoners the end could still be over a decade away. Scotland in contrast looks likely to return to peak pay first.

“But while the long-run picture on pay is pretty gloomy, there are now signs that Britain’s long overdue pay recovery is finally gaining momentum.

“Nominal pay growth has hit 3% for the first time since the crisis, and could strengthen further in the coming months."

He continued: “Sectors like hospitality, finance, and real estate are already experiencing pay rises well above 4% as the pool of available labour to draw upon continues to shrink.

“Ultimately though, our long-term pay prospects depend on higher productivity growth. Until that happens, we’re unlikely to see a strong and sustained wage recovery.”