By Maximilian Clarke
The Prime Minister, David Cameron, is the latest in a series of voices condemning the excesses of the City after it emerged FTSE 100 directors’ pay had jumped 50% to exceed £2.5million.
"This is a concerning report,” said Cameron, quoted by the UK Press Association, “particularly at a time when household budgets are very tight and people have difficult circumstances."
Trade Unions have been more vociferous in their condemnation, as Brenden Barner, Trades Union Congress General Secretary, comments:
“With the FTSE 100 down on last year and most staff getting pay rises of less than two per cent, these bumper settlements prove that CEO pay bears no resemblance to performance or economic reality.
“Top directors have used tough business conditions to impose real wage cuts, which have hit people's living standards and the wider economy, but have shown no such restraint with their own pay.
“Boardroom pay rewards are a brazen stitch-up. Reform should start with employee representation on remuneration committees, which would give directors a much-needed sense of reality.”
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