Pay rises for the top 10% of UK earners, including City bosses, have clearly outstripped those for the rest of the workforce and been prime drivers of recent inflation and soaring interest rates, according to new analysis of official figures.
After a week that saw interest rates rise for the 13th consecutive time, by 0.5 percentage points, to their highest level level since 2008, the Bank of England’s governor, Andrew Bailey, angered union leaders by appearing to blame low and middle earners for wage demands that had fuelled the crisis.
