The pay gap between FTSE 100 chief executives and their staff has widened to its highest level in eight years, according to the High Pay Centre, with bosses now earning 130 times the salary of the average full-time UK worker. The thinktank, in its final report before closing after 15 years, said the figures should serve as a wake-up call to policymakers, and comes as incoming prime minister Andy Burnham has called for renewed debate on excessive pay amid the ongoing cost-of-living squeeze.

Median pay for FTSE 100 chief executives rose 8.6% to a record £5.06m, up from £4.66m the previous year, while the ratio to the median UK worker's £39,000 salary climbed from 124:1 to 130:1. FTSE 100 firms spent £856.6m on executive pay overall, with 66 of 94 large listed companies increasing their chief executive's package. AstraZeneca's Pascal Soriot topped the rankings with £17.7m, while both long-term and short-term incentive payments rose sharply, by a fifth and 14% respectively.