A new survey showing huge pay gaps between UK bosses and their staff has found that thecountry’stop 350 company execs are being paid on average 53 times more than their mid-level counterparts.
A poll for the High Pay Centre shared exclusively with The Guardian found that huge salary gaps have become commonplace in large UK businesses and that the majority of Brits did not approve.
It comes as many up and down the country are facing the choice between heating and eating, as energy bills skyrocket and the value of UK pension and out-of-work benefits see the biggest fall in 50 years.
According to the new survey, 63% of workers believe that CEOs shouldn’t be earning more than 10 times that of their staff, and only 3% of people deem it acceptable for them to be paid over 50 times the company’s average wage.
Image: Mutual Interest Media
In reality, research published by the same think tank in 2020 shows many top-level bosses are already being paid 50 times more – with some earning as much as 100 times their company’s median salary.
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High Pay Research conducted two years ago found a total of 43 bosses of FTSE 350 companies received more than 100 times as much as the average employee, whilst on average bosses are paid at least 53 times more.
It also found that on average an FTSE 100 chief executive makes more money in four days than an average UK worker will over the course of a year.
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Many respondents felt that policy measures aimed at distributing wealth more evenly could help to raise living standards for people across the UK.
Luke Hildyard, the director of the High Pay Centre, told The Guardian that the research revealed: “the extent to which the lives of those at the top and those of everybody else have become so far removed from each other”.
He added: “That’s probably not a healthy development.
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Image: PixaHive
“Britain’s biggest employers dedicate a significant amount of their budget to the pay of a small number of top earners.
“Redirecting some of this money to low- and middle-income workers would be a good way to raise living standards and address the cost of living crisis but it will require policymakers and business leaders to be a bit more open-minded about whether those at the top really need to be paid so much.”
Frances O’Grady, the general secretary of the TUC, added: “The whole workforce deserves to share in the success of a firm, not just those in the boardroom. But over the years executive pay has raced ahead of other workers – and now it’s at stratospheric levels.
“It’s time to set a maximum ratio between the top earner in each firm and other workers. There should be workers on remuneration committees, to ground decisions in the interests of the whole workforce.
Simon Wood announces gutting closure of Manchester restaurant after seven years
Danny Jones
Celebrity chef and Manchester local Simon Wood has announced that his self-titled WOOD Restaurant has sadly closed its doors.
The Oldham-born chef-owner who won MasterChef back in 2015, revealed the unfortunate news on Wednesday, 2 October, confirming that the First Street site will be closing immediately. Truly gutting.
Wood has remained one of Greater Manchester’s most-renowned chefs for the past decade, not to mention a huge advocate for supporting the hospitality industry, especially post-Covid and during the ongoing cost of living crisis.
Sharing an emotional post on Instagram, he wrote: “It is with much regret that I have to inform you that I must close the doors here at WOOD for good, with immediate effect.”
“We have had 7 years as part of the Manchester city dining scene and I’m very proud of what the team and I have achieved”, the 48-year-old continued.
“Sadly with COVID rent arrears now being demanded by our landlord and an increasingly difficult marketplace, energy increases, ingredient costs and soon-to-be spiralling business rates we just cannot make this work.”
“I’d like to thank everyone for your support and patronage over the years. Thank you, Simon.”
It was only at the start of the week that Wood shared a frustrated post about a group of no-show customers over the weekend that failed to even pre-warn that they would no longer be attending one of his most exclusive and costly experiences.
We’re starting to lose count of how many local businesses are unfortunately struggling in the face of the rising business rates and energy bills that all independents are facing at the minute.
It was only last month that we saw Almous Famous had to call it a day with their Withington location and beloved sandwich spot Micky’s sadly suffer the same fate. Even cult favourite Cafe Marhaba looks to have gone up for sale. So tough to swallow.
We’re genuinely gutted for everyone involved with the brand. All the best, Si – we know you’ll be back stronger than ever one of these days.
Featured Images — The Manc Group
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No trams to run through major Manchester city centre station this weekend
Emily Sergeant
Arguably Manchester city centre’s most important tram stop is set to be out of action this weekend, with no services running through it.
In what is another part of Transport for Greater Manchester‘s (TfGM) ongoing programme of works intended to “maintain and improve” the Metrolink system and ensure tram journeys in Greater Manchester remain “safe, reliable, and accessible”, it’s been confirmed that no trams will run through Cornbrook this weekend.
Due to this, there will be a change to operating patterns across the majority of the Metrolink network on both Saturday 5 and Sunday 6 October.
As is often the case in instances like these, disruption to passengers is expected.
On Saturday and Sunday [5 and 6 October], no trams will operate through Cornbrook.
There will be a change to operating patterns and replacement bus services will be in operation.
On Saturday (5 October), the tram service pattern will change to Altrincham – Old Trafford, Bury – Ashton-under-Lyne, East Didsbury – Firswood, Etihad Campus – Bury (peak time only) / Victoria (after peak only), Manchester Airport – Firswood, Rochdale Town Centre – Deansgate-Castlefield (via Exchange Square), and The Trafford Centre – Wharfside.
Similarly, on Sunday (6 October), the only difference to the above service pattern is that the Etihad Campus tram will only run to Victoria, not Bury.
Services will operate every 12 minutes, except for on the Eccles line, where no trams will run at all.
TfGM is also warning that there may be changes to the first and last tram times during these works, but, in bid to help people still get to their destinations, three bus replacement services will operate from Firswood to Victoria, Old Trafford to Piccadilly, and Eccles to Piccadilly.
No trams will run through major Manchester city centre station Cornbrook this weekend / Credit: TfGM
The Old Trafford to Piccadilly bus service will run through Wharfside, while the Eccles to Piccadilly will travel via MediaCity.
“These works are a vitally important part of maintaining a safe and reliable network for all our customers,” explained
Ian Davies, who is TfGM’s Interim Network Director for Metrolink, said these works are “a vitally important part” of maintaining the Metrolink, and that work has been scheduled by TfGM to “minimise disruption to passengers and residents as much as possible”.
Georgina Pellant -
3rd May 2022 
