Skip to content 
Search

Latest Stories

UK top bosses earn 118 times more than workers, study reveals

Pascal Soriot of AstraZeneca was the highest paid company chief earning £16.85 million

UK top bosses earn 118 times more than workers, study reveals

BOSSES running Britain's biggest listed companies enjoyed payrises of 16 percent last year as workers' wages struggled with the worst cost of living crisis in a generation, research published Tuesday (22) found.

According to independent think-tank the High Pay Centre, the median FTSE 100 chief executive officer was paid 118 times the median UK full-time worker, up from 108 times in 2021.


Pascal Soriot, of pharma giant AstraZeneca, was the highest paid company chief, earning £16.85 million -- ahead of Charles Woodburn of BAE Systems, who earned £10.69m.

Average pay for a FTSE 100 CEO rose from £3.38m in 2021, to £3.91m in 2022, the research found.

Unions said the findings showed Britain had become "a land of grotesque extremes".

"While millions of families have seen their budgets shredded by the cost-of-living crisis, city directors have enjoyed bumper pay rises," said Trade Union Congress general secretary Paul Nowak.

Official figures showed workers saw average pay rises of 7.8 per cent over the three months to June compared to a year earlier, but this was reduced to 0.6 percent once inflation was taken into account.

"At a time when so many households are struggling with living costs, an economic model that prioritises a half-a-million-pound pay rise for executives who are already multi-millionaires is surely going wrong somewhere," Luke Hildyard, director of the High Pay Centre said.

"We need to give workers more voice on company boards, strengthen trade union rights and enable low- and middle-income earners to get a fairer share in relation to those at the top," he added.

Britain has been hit by strikes across the economy over the past year from ambulance drivers and doctors to lawyers and teachers as inflation has risen sending housing, food and heating costs soaring.

UK inflation -- currently running at 6.8 per cent down from 7.9 per cent in June -- has for months been the highest among G7 nations, despite the Bank of England hiking its key interest rate more than a dozen times in succession to try to tame it.

(AFP)

More For You

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less