This month we learned that the majority of Britain’s working population has seen their pay packet increase three-fold over the last 30 years. We also learned, on release of the final report of the High Pay Commission, that this pales into insignificance when compared to what’s been happening in executive boardrooms up and down the country. Earnings for the CEO of Barclays Bank, for example, increased by 4,899.4% over the period. Meanwhile the earnings of top executives at Barclays and Lloyds Banking Group are now 75 times higher than the average pay of employees in each company; and are 63 times higher in oil and gas company BP. Wealth disparities are even starker than those for pay. Some 50% of the UK population owns just 1% of the wealth and the richest 10% in the UK has more than 100 times the wealth of the bottom 10%. Little wonder that … (To read the full article, subscribe below)
Nicola Steuer is programme director at the New Economics Foundation.
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