John McDonnell MP, Labour’s Shadow Chancellor, commenting on a report by the Pensions and Investments Research Consultants (Pirc), which shows that the gap between top executives’ pay and that of their workforce is expanding, said:

“The figures in this report lift the lid on the Tories’ rigged economy, which favours those at the top over the rest of us.

“It is deeply worrying that some of the best-known brands on British high streets are paying their directors hundreds of times more than their workers. Mike Ashley at Sports Direct earns 400 times the average worker in the company.

“At a time under the Tories when real wages have fallen it is unacceptable and unfair that heads of corporations should pay themselves such large sums. Labour will bring excessive boardroom pay under control, and introduce pay ratios in companies so that workers are properly rewarded and fat cat salaries are a thing of the past.”