Wealthy individuals who are employed in the UK have enjoyed faster pay rises than those with less money, figures from the Office for National Statistics (ONS) have revealed.
According to the official body, the average full-time hourly rate was £12.62 in April last year, compared with £3.87 in 1986 – which represents a 62 per cent increase after adjusting for inflation.
However, the highest ten per cent of earners have received an 81 per cent rise in hourly wages, while the lowest cohort have seen their pay increase by 47 per cent.
The figures highlighted the introduction of the national minimum wage in 1999 helped the bottom one per cent achieve a real wage increase of 51 per cent since 1998.
“Not surprisingly London, with many jobs in the financial sector, had the greatest wage inequality, with the top one per cent being paid 16.2 times those in the lowest,” the ONS revealed.