Read our review of 2022, and a summary of our reports, articles and media coverage below
At this time of year in both 2021 and 2020, the threat of a new Covid variant threatening lives and economic disruption was top of the news agenda.
A year on Covid may no longer be the main story, but the sense of chaos and crisis are still very present.
The Covid lockdowns, war in Ukraine, a productivity crisis and the calamitous Truss budget have combined to leave the UK economy in quite a bad place, with high inflation and low wage growth meaning we are facing the biggest drop in living standards on record.
This makes it unsurprising that this December we are seeing the biggest strikes for a generation, as workers across sectors, particularly in the public sector (whose wages have been hit the hardest in recent years) call for inflation busting pay rises, all while the government refuses to support negotiations.
Our work on inequality and high pay, however, shows that the pain is not being felt equally across the economy, as CEO pay has more than bounced back after a brief period during the pandemic when the gap between CEO and worker pay shrunk.
Meanwhile the number of billionaires in the UK is still growing, and calls for increasing taxes on wealth continue to make news headlines and resonate with the general public.
But if Jeremy Hunt’s recently announced reforms to the City are anything to go by, which includes removing the cap on bankers’ bonuses, serious action on tackling inequality is unlikely to be high up on the government’s agenda in the new year.
- High Pay Centre analysis of FTSE 350 pay ratios Pandemic caused pay ratios to fall, but new analysis indicates ratios are now increasing to new highs
- CEO pay survey 2022: CEO pay surges 39% Our annual survey, this year in collaboration with the TUC showed that median FTSE 100 CEO pay increased from £2.46m in 2020 to £3.41m in 2021
- Who benefits from returns to shareholders? Our research with the TUC and Common Wealth highlighted how little most people gain from dividends and share buybacks.
- Worker voice in corporate governance – How to bring perspectives from the workforce into the boardroom Our research showed that the public believes workers should have a greater say in the running of the companies that they work in.
- How do companies report on their ‘most important asset’? Workforce reporting in the FTSE 100 Majority of FTSE 100 firms don’t provide data on skill investment, workforce diversity or employee wellbeing in their annual reports
Blogs and OpEds
The U.K. is facing another ‘winter of discontent’ by Harry Window
British workers deserve to share in the profits of British business by Janet Williamson, Luke Hildyard and Matthew Lawrence
Capping CEO pay is the best way to make the UK more equal by Luke Hildyard
The failure of ‘shareholder democracy’ by Andrew Speke
BP and Shell windfall tax row reveals lack of progress on purpose by Luke Hildyard
ESG and how to improve workforce reporting by Rachel Kay
High Pay Centre in the media
Reading the Rich List: HPC analysis of the wealthiest households in Britain our reflections on this year’ rich list and coverage of our reaction to it from the Guardian, the Mirror and LBC
A budget for the 1% as government scraps the cap on bankers bonuses – Our reaction to the Truss/Kwarteng mini-budget including Luke on BBC News and over coverage in the Guardian, Daily Mail and Huffington Post
Biggest banker bonuses announced since financial crash – Media coverage of our reaction to spiking bankers bonuses including from the Guardian, the Times, Daily Mail and Luke on the Evening Standard’s podcast
Prospect Magazine Cover Story: HPC pay ratio research – Our research on pay ratios featuring on the front page of Prospect’s November edition, including a feature piece from our founder Deborah Hargreaves and Luke discussing our research on Prospect’s podcast.