The pay of the top 1% of earners across the UK – those already on more than £170,000 a year – is rising at an average annualised rate of 9.1%.
At the same time, those in the lowest 10% – those earning below £8,000 a year – have seen their pay rise by just 1.3%.
the rate of inflation, currently at a 40-year high of 9.4% and forecast by the Bank of England to hit 13% in the coming months.
Frances O’Grady, the general secretary of the Trades Union Congress, says such stories are familiar up and down the country. “Working people are at breaking point, having been left at the mercy of soaring bills after a decade of standstill wages and universal credit cuts. But for the wealthiest, it’s business as usual. It’s not just pay at the top that is soaring. Bonuses in the City are at a record high and dividend payouts to shareholders are booming. Without urgent action, the cost of living crisis will deepen the class divide in this country even further.”