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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
Updated on

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.