The Startling Reality: UK's Highest Executives' Salaries Surge Amidst Public Sector Protests

UK's Top Bosses Got A Pay Rise As Public Sector Workers Went On Strike

Executives at some of the UK’s largest firms had a substantial pay rise last year while public sector workers were on strike over real term pay cuts. According to the independent think tank, High Pay Centre, the median pay of chief executives in the FTSE 100 increased by almost 16% on average in the last year. This means these bosses were earning over £500,000 more compared to the previous year.

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How much more are the UK’s top bosses earning now?

According to High Pay Centre, the median pay for these bosses went up to £3.91 million in 2022, compared to £3.38 million last year. This is a significant increase, especially considering that the average earnings of an FTSE 100 boss is already 118 times more than the typical UK worker who earns £33,000 a year.

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The highest paid individual on the list was the CEO of AstraZeneca, Sir Pascal Soriot, who reportedly took home £15.3 million last year. This increase in executive pay comes as both AstraZeneca and other companies announced record profits, driven by soaring energy prices and increased consumer spending.

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Why does this matter?

Workers across the UK are facing a cost of living crisis, with inflation driving up consumer prices. Despite recent pay settlements with some public sectors, real wages across every UK region are lower now than in 2010 when adjusted for inflation. The disparity between the hefty sums earned by FTSE 100 bosses and the struggles of everyday households has raised concerns about economic inequality.

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While some argue that company leaders provide value through their products, services, and contributions to tax revenue, others see the large pay rises for executives as evidence of a flawed economic model. As the debate continues, it is clear that the impact of executive pay on workers' livelihoods cannot be ignored.