U.K. Finance Worker Pay Spikes 31% Since Start of Covid Pandemic
- IFS study suggests trend will widen wealth inequality gap
- Researcher finds few reasons for inflation-busting increases
Britain’s financial services workers are enjoying wage raises at double the rate for the rest of the population, widening the gap between the rich and the poor at a time when the country is suffering biggest squeeze in living standards on record.
The Institute for Fiscal Studies calculated that average monthly pay in finance was 31% higher in February than at the end of 2019, above the 14% rate prevailing across all sectors. The median increase was lower still, implying that growth was concentrated among the highest earners in banking and insurance.