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| High pay of UK executives 'corrosive' - report | High pay of UK executives 'corrosive' - report |
| (about 1 hour later) | |
| The high salaries of UK executives are "corrosive" to the economy, claims a new study by the High Pay Commission. | The high salaries of UK executives are "corrosive" to the economy, claims a new study by the High Pay Commission. |
| Its report claims the pay of the top boss at Barclays has risen 4,899% since 1980. | Its report claims the pay of the top boss at Barclays has risen 4,899% since 1980. |
| Former chief executive John Varley earned more than £4.36m annually, compared with 1980 when the top pay at Barclays was £87,323, the survey says. | |
| The study lists a 12-point plan "to halt high pay creating inequalities last seen in the Victorian era". | The study lists a 12-point plan "to halt high pay creating inequalities last seen in the Victorian era". |
| It also claims that the salary for the post of chief executive at the now partly state-owned Lloyds Bank - currently Antonio Horta-Osorio, who is on sick leave - increased by more than 3,000% to more than £2.5m since 1980. | |
| It claims this is 75 times the average Lloyds employee, when in 1980 it was just 13.6 times the average. | It claims this is 75 times the average Lloyds employee, when in 1980 it was just 13.6 times the average. |
| 'Crisis' | 'Crisis' |
| High Pay Commission chair Deborah Hargreaves said: "There's a crisis at the top of British business and it is deeply corrosive to our economy. | High Pay Commission chair Deborah Hargreaves said: "There's a crisis at the top of British business and it is deeply corrosive to our economy. |
| "When pay for senior executives is set behind closed doors, does not reflect company success and is fuelling massive inequality, it represents a deep malaise at the very top of our society. | "When pay for senior executives is set behind closed doors, does not reflect company success and is fuelling massive inequality, it represents a deep malaise at the very top of our society. |
| "The British people believe in fairness and, at a time of unparalleled austerity, one tiny section of society - the top 0.1% - continues to enjoy huge annual increases in pay awards. | "The British people believe in fairness and, at a time of unparalleled austerity, one tiny section of society - the top 0.1% - continues to enjoy huge annual increases in pay awards. |
| "Everyone, including each of the main political parties, recognises there is a need to tackle top pay." |