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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.

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