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FTSE 100 bosses earn typical UK annual salary in three days – thinktank | Business News

By 1pm this afternoon, just a few days into the new year, FTSE 100 bosses will have earned more than the typical UK worker makes in a year, according to new estimates.

The median pay – the midpoint between the lowest and highest pay – for a FTSE 100 boss stood at £3.81m (excluding pensions) in the financial year ending in March 2023, analysis by the High Pay Centre thinktank revealed.

This amounts to approximately £1,170 per hour – assuming the bosses work 12.5 hours a day – which is 109 times the median full-time worker’s wage of £34,963, the thinktank said.

The Trades Union Congress (TUC), which represents 48 member unions, has since criticised the “obscene pay inequality”.

“While working people have been forced to suffer the longest wage squeeze in modern history, City bosses have been allowed to pocket bumper rises and bankers have been given unlimited bonuses,” Paul Nowak, TUC general secretary said.

Mr Nowak called on the government to start working with unions and employers to increase living standards and for the wealthy to be taxed fairly.

Meanwhile, other FTSE 350 executives, including senior executives and bosses outside the biggest 100 firms, will need to work a few more days – until 10 January – to overtake the median UK worker’s pay.

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Top city lawyers working at firms including Clifford Chance and Allen & Overy receive an average yearly salary of £1.92m, surpassing the typical wage by 8 January, according to the analysis.

And everyone in the top 1% of full-time UK workers, earning at least £145,000, will have overtaken the amount by 29 March.

Last year, a cap on bonus payments for bankers was scrapped as part of efforts to make the UK a more attractive place to work.

This means there is no longer a limit on the amount people who work for banks or building societies in Britain can receive in annual payouts.

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“Lobbyists for big business and the financial services industry spent much of 2023 arguing that top earners in Britain aren’t paid enough and that we are too concerned with gaps between the super-rich and everybody else,” Luke Hildyard, director at the High Pay Centre, said.

“They think that economic success is created by a tiny number of people at the top and that everybody else has very little to contribute.

“When politicians listen to these misguided views, it’s unsurprising that we end up with massive inequality, and stagnating living standards for the majority of the population.”

A spokesman for the government said its decision to increase the National Living Wage to £11.44 per hour has given millions in the UK a “historic pay rise”.

“In total since 2010, the annual earnings of a full-time worker on the National Living Wage will have increased by over £10,000, demonstrating how we are delivering for those in work,” a spokesperson said.

The thinktank said it used the most recent pay disclosures in FTSE 100 firms’ annual reports for the analysis, combined with government statistics showing pay levels across the UK economy.

Rishi Sunak and Boris Johnson have overseen largest tax rises since Second World War – thinktank | Politics News

Rishi Sunak and Boris Johnson have overseen the largest set of tax rises since the Second World War, according to economic analysis.

The Institute for Fiscal Studies (IFS) estimates that – by the time of the next general election – the tax burden will have risen to around 37% of national income.

This equates to roughly £3,500 extra per household – although the increase is not shared evenly.

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Records began in 1950 for the figures, and no parliament has seen a larger hike.

The size of the tax burden and the lack of cuts to tariffs have been the subject of the ire of many Conservatives.

The headroom for tax cuts has suffered as interest rates rose and the cost to service debt has risen. High inflation has led the government to be cautious of cutting taxes and leaving people with more cash to spend.

Last week, Chancellor Jeremy Hunt said it would be “virtually impossible” to cut taxes at the moment.

“I really, really wish it was true but unfortunately, it just isn’t,” he told LBC.

“If you look at what we are having to pay for our long-term debt, it is higher now than it was at the spring budget.

“I wish it wasn’t, it makes life extremely difficult, it makes tax cuts virtually impossible, and it means that I will have another set of frankly very difficult decisions.

“All I would say is, if we do want those long-term debt costs to come down, then we need to really stick to this plan to get inflation down, get interest rates down.

“I don’t know when that’s going to happen. But I don’t think it’s going to happen before the autumn statement on November 22, alas.”

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There will likely be pressure for Mr Hunt and Mr Sunak to cut taxes – with some eyeing up cuts to sizeable projects like HS2 as a way to free up cash, and others calling for a relaxation of inheritance tax.

The economy is an area that Mr Sunak wants to make his strength – with three of his five pledges made at the start of this year relating to them.

Ben Zaranko, senior research economist at the IFS, said the pandemic could not be blamed for rising tax levels and predicted a high-tax approach was here to stay regardless of who wins the next general election.

“It is inconceivable that this parliament will turn out to be anything other than a tax-raising one – and it looks nailed on to be the biggest tax-raising parliament since at least the Second World War,” he said.

“This is not, for the most part, a direct consequence of the pandemic. Rather, it reflects decisions to increase government spending, in part driven by demographic change, pressures on the health service, and some unwinding of austerity.

“It is likely that this parliament will mark a decisive and permanent shift to a higher-tax economy.”

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‘The plan is working’

This was echoed by Mark Franks, the director of welfare at the Nuffield Foundation.

He said: “There will be strong pressure in coming parliaments to raise taxes further to meet growing demand for public services such as healthcare.

“Future governments must not only have a credible and robust strategy for the economy and the public finances, but should also be forthright and transparent about the difficult trade-offs they will face.”

Opposition parties seized on the findings, as Labour said that the Tories had “clobbered” the public.

Shadow chief secretary to the Treasury Darren Jones said: “Successive Tory governments have overseen 13 years of low growth and stagnant wages. Their response in the face of this bankrupt legacy is always to load their failure onto working people. And what are we getting back? Crumbling public services.

“Brits are working hard but getting clobbered with 25 Tory tax rises and a continuing Conservative premium on their household budgets.”

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A Treasury spokesperson said: “Despite needing to take the difficult decisions to restore public finances in the face of the dual shocks of the pandemic and Putin’s illegal invasion of Ukraine, the latest data shows our tax burden will remain lower than any major European economy.

“Driving down inflation is the most effective tax cut we can deliver right now, which is why we are sticking to our plan to halve it, rather than making it worse by borrowing money to fund tax cuts.

“We have also taken 3 million people out of paying tax altogether since 2010 through raising personal thresholds, and the chancellor has said he wants to lower the tax burden further – but has been clear that sound money must come first.”