UK bosses set pay race pace

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Total remuneration packages for heads of the leading UK companies are running at an average of about £5 million including base pay, annual bonuses and long-term incentive rewards, says management consultant Hay Group. That compares to nearly £8 million for top bosses in the US.

Hay says the gap between UK and US bosses is not closing because executives in Britain are getting paid better - rather, their annual bonuses have not been falling as fast as their American counterparts.

Senior executives at British firms continue to beat their European peers.

The heads of Italian companies get marginally less, German pay packages come in around a sixth lower while top French bosses on average get a third less at around £3.4 million a year.