TUC – Soaring CEO pay shows “obscene levels of pay inequality” in Tory Britain

Commenting on today’s (Thursday) publication of High Pay Centre analysis, which shows that this year FTSE100 CEOs will have already earned the annual average wage by today, TUC General Secretary Paul Nowak said:   

“The Conservatives are presiding over – and enabling - obscene levels of 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. 

“It doesn’t have to be this way. We need an economy that rewards work – not just wealth. 

“That means putting workers on company boards to inject some much-needed common sense into boardrooms. It means taxing wealth fairly. And it means a government that is willing to work with unions and employers to drive up living standards for all. 

“Under the Tories it is one rule for the super-wealthy and one rule for everybody else.” 

FTSE CEO pay increased by £500,000 (16%) last year. 

According to the latest OBR forecasts – published after the Autumn Statement - real wages won’t even recover to their 2008 value until 2028.