open wallet with money showing

Top bosses will have earned more money by the end of Tuesday than the average worker will do in a year, campaign group the High Pay Centre has claimed.

The group has declared the day Fat Cat Tuesday, based on FTSE 100 chief executives earning £5m a year, compared with the median UK salary of £27,645.

The think tank says its aim is to highlight the “unfair pay gap”.

The calculations were criticised as “pub economics, not serious analysis” by the Adam Smith Institute.

“None of these complaints are valid unless the High Pay Centre thinks it has a better way of estimating the value of executives to firms than those firms themselves,” said the institute’s executive director, Sam Bowman.

“The High Pay Commission’s complaints only make sense if you assume firms don’t actually care about making money – which is to say, they don’t make sense at all

more at the BBC NEWS