Top executives received average pay rises of ten per cent last year, twice as high as increases across British industry, according to a new report yesterday.
A study by Labour Research found that the pay and benefits of chief executives of the 100 biggest firms in the country continued to "soar out of all proportion" to the rest of the workforce.
The independent research organisation said top chief executives received an average of £1.6 million in pay and benefits last year compared with £1.5 million the year before.
Neal Moister, who carried out the research, said a code on corporate governance introduced three years ago aimed at governing pay in top companies was "clearly having little impact" in some companies. "The pay of some of these chief executives seems to be spiralling out of control. There seems to be no limit on how much they can earn."