Bosses' pay shoots up by 12.8%

The average pay packet of a UK chief executive ballooned to £1.7m (€2.5m) last year, a survey out today showed.

Directors’ pay climbed 12.8% in 2003, more than three times faster than the 3.6% rise in average earnings over the same period (excluding London market bonuses), according to a study by the Guardian.