We’re all in it together – does that include bankers?
Are we really all in it together? As we count down the shopping days until Christmas new figures from ONS show that mean average salaries only increased by 0.2% during the last year, but this national average hides a wide range of real outcomes.
Some people have been hit particularly badly. For example, average salaries for employees in the agricultural sector actually fell by 8.5%. This makes the Government’s plans to abolish the Agricultural Wages Board for England and Wales look absolutely nonsensical, unless their secret plan is to increase rural poverty.
In sharp contrast though, average pay in the banking sector rose by 11.3%, with increases heavily skewed towards those at the top of the industry. Banking bonuses are back with a bang, rising by a cool 43.8% – jeroboams all round!