PAY for top fat cat bosses across the UK leapt by an average of half a million last year while wages for the majority of workers struggled to keep up with inflation.
The average Financial Times Stock Exchange (FTSE) chief executive received £3.91 million in 2022, according to think tank the High Pay Centre.
That figure is up from £3.41 million in 2021 and was the highest for five years. It meant a typical top CEO was paid 118 times more than an average worker in the UK.
Director of the High Pay Centre Luke Hildyard said: “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.
READ MORE: Scottish drug misuse deaths decrease to lowest rate since 2017
“How major employers distribute the wealth that their workforce creates has a big impact on people’s living standards.
“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.”
General secretary of the Trades Union Congress Paul Nowak said: “While millions of families have seen their budgets shredded by the cost of living crisis, City directors have enjoyed bumper pay rises.
“This is why workers must be given seats on company boards to inject some much-needed common sense and restraint.
“We need an economy that delivers better living standards for all – not just those at the top.
“But under the Tories Britain has become a land of grotesque extremes.”
READ MORE: Keir Starmer says he couldn't go to university now as it costs too much
According to the High Pay Centre’s analysis, the highest paid FTSE 100 CEO last year was Pascal Soriot of pharmaceuticals giant AstraZeneca, who scooped £15.32 million.
Including bonuses, he has raked in more than £120 million in the past decade, according to the analysis.
In second place was Charles Woodburn, boss of defence firm BAE System, who received just under £10.7 million.
In third was Albert Manifold of building materials group CRH, with nearly £10.4 million.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel