‘Excess in the City’ as chief executive pay soars amid worker wage pain

Research into FTSE 100 chief executives’ pay packages by the Chartered Institute of Personnel and Development and the High Pay Centre is a stark reminder that the UK is one of the most unequal developed nations on the planet, Britain’s largest union, Unite said today (Wednesday 15 August).

The research out today shows that chief executive earnings have increased by 11 per cent in the past year compared to a two per cent rise in median pay of full-time workers at a time when the Retail Price Index measure of inflation is running at 3.4 per cent.

Commenting Unite general secretary, Len McCluskey, said: “These figures show that it is business as usual in Britain’s boardrooms.

“It is ten years since the casino bankers crashed the economy but nothing has changed. Excess in the City is alive and well.

“Fat cat bonuses like these are a reminder that there is something very wrong with our economy. They may be popping the corks in the City but across the country working people are struggling.

“Wages have endured a historic slump and are simply not keeping pace with the rising cost of living. Interest rate rises will hurt many in a country with the highest personal debt in Europe. And to the shame of the sixth richest country on the planet, foodbanks are running out of supplies and children are going hungry during the summer holiday.

“Only an out of touch prime minister and an uncaring government would try to claim that our economy is thriving.

“Theresa May has to get a grip. The fat cats are taking all the cream while Britain's workers work harder and earn less. We need tough action to rein in fat cat pay and a strengthening of trade union rights to organise and bargain for better wages on behalf of workers.

“If Britain’s boardrooms want workers to help make them profits, it is high time they paid them fairly and started acting responsibly. If they won’t, then the government’s duty is to force them to do so.”