Top UK executives still earning boom time income
It has been revealed that the chief executives of the U.K.'s top businesses are still bringing in income which equates to the boom times of 2006. This will shock many people when you consider that the UK economy is deep in recession and businesses are going under each and every day. So what is going on?
The report by Income Data Services confirmed that the cash remuneration of the U.K.'s top executives increased by 1.5% during 2009 with a 29% reduction in bonuses offset by a 7.4% increase in salaries. When you consider that inflation is either just under 0% or just over 0% (depending upon which measure you use) this is a massive relative increase in remuneration at a time when many in the UK are concerned about their own job prospects. The average FTSE 100 chief executive took home a bonus of around £707,000 in 2008 although this figure has since fallen back to £500,000 in 2009.
Despite the fact that the UK government continues to attack the UK banking sector and banking executives, it would appear that the problem of large bonuses and large remuneration packages is a UK wide problem rather than just a banking sector issue. Whether the government will be brave enough to tackle the wider issue remains to be seen.
Share this..
Related stories
Why is the UK mortgage market so uncompetitive?
As the newspapers and analysts continue to talk about recovery in the UK property market there is still concern as to why the UK mortgage market is still very uncompetitive in real terms. While we see the headlines of rock bottom mortgage rates, there are very few people able to obtain these deals because of the requirement for such a high level of deposit. There is a general consensus that first-...
Read MoreCBI agrees UK recession is coming to an end
The Confederation of British Industry (CBI) has today released a statement confirming its belief that the UK recession will end in the fourth quarter of 2009. This will bring to a close the most damaging economic downturn in the UK since the 1930s and hopefully allow some companies to draw a line under recent problems and begin to look to the future. However, the CBI, like so many other busines...
Read MoreJJB sports to hand dossiers to FSA
JJB Sports directors will this week hand a dossier to the FSA (Financial Services Authority) citing evidence of various untrue allegations made against chairman Sir David Jones. The company believes that this is tantamount to "market abuse" and it could soon turn into a criminal investigation into what has been apparently an ongoing campaign.
Aside from the fact the company is on th...
ECB begins to turn down the fiscal stimulus flame
The European Central Bank (ECB) has today begun to turn down the fiscal stimulus flame which has helped the European economy recover over the last few months. There has also been an increase in the forecast rate of economic growth for 2010 which is now expected to be in the region of 0.8%. It also appears that European interest rates will increase in the short to medium term as slowly but surely w...
Read MoreUK fraud costs £600 per member of the population!
Figures revealed by the National Fraud Authority suggest that fraudulent activity in UK is costing each and every person in the country around £600. It is estimated that fraud accounts for £30 billion of losses each and every year with the vast majority coming from tax scams while around £10 billion is lost in the private sector. But how accurate are these figures? Despite the fact that the...
Read More