The average pay packet of a British chief executive climbed to £1.7 million sterling last year, a survey claimed today showed.
Directors' pay climbed 12.8 per cent in 2003, more than three times faster than the 3.6 per cent rise in average earnings over the same period excluding City bonuses, according to a study by the Guardian.
Although average pay in Britain now stands at about £24,600, a chief executive's average basic is now just under £600,000, the survey showed.
Nearly 190 directors received more than £1 million sterling last year. Trade unions said the study showed firms' efforts to regulate directors' pay had failed and the Government should step in.
GMB general secretary Mr Kevin Curran said the extent of boardroom greed that the survey demonstrated was "breathtaking".
"While working people are trying to make ends meet on wages far below the national average and told repeatedly that their pay must be trimmed, the fat cats of business are keeping every possible trimming for themselves," he said.
Mr Tony Woodley, general secretary of the Transport & General Workers Union, said excessive pay in business was worsening the gap between rich and poor.
"Directors will go on lining their pockets at the expense of their workforces until the Government shows the political will and courage to regulate boardroom pay," he said.
PA