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Record salaries for UK chief executives as pay rises for third year in a row (www.theguardian.com)

submitted 3 days ago by HellsBelle@sh.itjust.works to c/world@lemmy.world

11 comments fedilink hide all child comments

The bosses of Britain’s largest listed companies took home record high pay packets for the third successive year, according to a report.

Analysis found that the record set in the last financial year means the average FTSE 100 chief executive is now paid 122 times the salary of the average full-time UK worker.

Executive pay has been on the rise for the past four years, partly as a consequence of pay cuts taken during the pandemic, at a time when many households are still struggling with a cost of living crisis.

The median pay of a FTSE chief executive climbed to £4.58m in the last financial year, up from £4.29m a year earlier, an increase of nearly 7%, according to analysis by the High Pay Centre.

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[–] Davriellelouna@lemmy.world 15 points 3 days ago* (last edited 2 days ago) (1 children)

According to their favorite newspaper (Financial Times), British CEOs are currently very angry.

They believe they are significantly underpaid compared to their american cousins:

https://www.ft.com/content/8faeda2e-9a6a-49c1-8708-4ce13af344cd

https://www.ft.com/content/ef5c0907-6a01-41bc-ba04-1547fc093037

They want to be paid exactly like the americans:

https://www.theguardian.com/business/2024/mar/10/when-17m-isnt-enough-ftse-firms-plead-to-pay-bosses-millions-more

As a non-brit, I see the United Kingdom as the most american-influenced democracy in Europe.

1. The voting system (First-Past-The-Post) is designed to create two very powerful political parties.

2. Many British MPs currently work as lawyers or consultants for big corporations like Thames Water. This practice is banned in many countries. In Britain, it's considered perfectly legal. WTF.

3. Compared to most European countries, the UK has almost no regulations on money in politics. Being better than the US is the same as having no standards at all. Compared to Germany, France, Netherlands, or Spain, the British campaign finance laws are a sad joke. They have no ban on corporate donations. Millionaire foreigners are allowed to wire money to UK political parties. Prime Minister Boris Johnson used to sell access to 10 Downing street.

A flawed voting system and corrupt campaign finance system will produce bad results.

I hope the British people wake up and take back their democracy 🇬🇧.

Nationalize your water. Create a multiparty political system. Get rid of money in politics

[–] Aceticon@lemmy.dbzer0.com 2 points 2 days ago* (last edited 2 days ago)

I was an immigrant in the UK for over a decade after having also lived for a long time in both Northern Europe and Southern Europe and my impression of Britain after a couple of years living there was that they mixed the worst of both America and Europe - power and wealth being pretty much all inherited and in the hands of the same families for centuries from Europe, and "Greed is good" from America.

Instead of the high social mobility and go-get it spirit that America use to have (but at least the former is pretty much gone) and a higher social safety net and people-focused politics of Europe (which, curiously is also a bit of a "used to have" thing), they had the entrenched dynastic wealth and power (even having quite literally royalty, though it didn't stop there) from Europe coupled with a "everything is justifiable to make money" from America - basically almost total economic, political and even legal control on the hands of a fully predatorial "Nobility" which didn't have even the tinyest bit of a sense of Noblesse oblige - plus a society which saw trying once to climb and failing as making somebody a Failure for life which was part of the more broad idea that "people should know their place" so against risk taking to improve one's lot in life.