Pay gap turning into a canyon

A pay gap between the poor and rich that has not been seen since Victorian times is being created because top bosses are taking in huge salaries, with the majority of people facing the largest decline in household income in almost 30 years. While a small minority at the top of the heap award themselves an ever increasing slice of the UK’s total income.

The High Pay Commission, studying the pay in the boardrooms says the average wages have stagnated with the exception of the bosses. The chief executives are getting 145 times what the average wage is. The top one thousandth (0.1%) of the working population in Britain earns 5% of the earnings in the country making that equivalent to the 1940s.

If the pace continues then the highest earners will see their 5% of national income increase to 14% by 2030 which would put it in line with pay in 1900. The FTSE 100 Chief Executives earned on average £3.7million making that 145 times higher than the average pay and by 2020  estimates are they will be earning 214 times more than the average.