In recent months, headline figure for wages have hit post-crisis records. But there is growing evidence – from industry figures, facts on euro-millionaire bankers, and the consequent distributional effects – that pay gains are for the few. Reeling from the most severe pay crisis for 200 years, the many have little reason to celebrate. Headline pay has risen to a post-crisis high of 3.4% over the past three months, up from 2.6% a year ago (and still far from a big deal given the pre-crisis average was 4.0%). But over the year the stand-out movement has been a near doubling of pay growth in ‘finance and business’ (from 2.3% in January 2018 to 4.3% in Jan 2019).

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