UK finance salaries increase inequality
Pay for financial services workers in the UK has surged at double the pace for the rest of the economy since the COVID-19 pandemic began, widening inequality at a time when consumer spending power is being squeezed. The Institute for Fiscal Studies (IFS) calculated that average monthly pay in finance was 31 percent higher in February than at the end of 2019, above the 14 percent rate prevailing across all sectors. The median increase was lower still, implying that growth was concentrated among the highest earners in banking and insurance. The findings add to growing alarm over inflation, which...