3 January 2019

Fat cat chief executives of Britain’s largest companies have pocketed the equivalent of an average workers’ annual salary already, new research reveals.

A study by the High Pay Centre think tank and the Chartered Institute of Personnel and Development (CIPD) shows top chief executives working a 12-hour day only need to work for 29 hours in 2019 to earn the average worker's annual salary, two hours fewer than in 2018.

The average chief executive of FTSE 100 firms has a pay packet of £3.9 million, an 11% increase on a year ago.

Commenting on Fat Cat Friday, Scottish Labour’s Shadow Cabinet Secretary for Finance, James Kelly MSP said:

“These figures show the truly shocking income gap between working people and the fat cats at the top of Britain’s largest companies.

“Whilst many of those in work have to resort to using food banks as they do not earn enough, chief executives have already pocketed an average worker’s annual salary.

“The grotesque inequalities within our society under the Tories has got worse with chief executives earning the sum even faster than last year.

“The next Labour government will give working people a real £10 per hour real living wage and transform our economy so it works for the many, not the few.”

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