5 January 2017

It seems to come around earlier every year but yesterday, in case you missed it, was Fat Cat Wednesday, the day by which FTSE100 bosses have already clocked up an average annual UK salary.

By lunchtime on 4 January 2017, before some people had even made it back to work after the holidays, top CEOs had gone past the £28,200 mark, by earning over £1000 an hour.

The median FTSE100 CEO pay in 2015 was £3.973 million.

According to the High Pay Centre (HPC), who published the figures, they are an important reminder of the continuing problem of the unfair pay gap in the UK. As a comparison, it points to the National Living Wage, for over 25s, of £7.20 an hour.

HPC director Stefan Stern said: "We hope the Government will recognise that further reform to pay practices are needed if this gap is to be closed. That will be the main point in our submission to the business department in its current consultation over corporate governance reform."

The Centre wants to see the publication of the pay ratio between the highest and average earner within a company, as well as representation for ordinary workers on company remuneration committees, arguing that both would bring a greater sense of proportion to the setting of top pay.

Josh Hardie, the CBI's deputy Director General, said shareholders should be holding companies to account and the Chartered Institute of Personnel and Development (CIPD) warned that the massive pay gap was demotivating for ordinary employees.