Big pay rises for top earners deepening inequality, says IFS
by Richard Partington and Phillip Inman from on (#4B1VB)
Wage hikes of nearly 6% could signal return of pre-2008 rewards, thinktank says
Big pay rises for people already earning at least 1m a year could be the result of a return to levels of reward for bankers and top company bosses not seen since before the financial crisis, according to the head the UK's leading economic thinktank.
New data collected by HMRC and released alongside the chancellor's spring statement showed pay for the highest earners rose nearly 6% between April and September last year, compared with 3.7% for the rest of the workforce. The Institute for Fiscal Studies (IFS) said the pay disparity would exacerbate inequality.
Related: Benefits freeze means 'no reprieve' for 10 million poor families - business live
Continue reading...