COMPANY executives' pay has increased by an average of 12% in the last financial year, more than four times that of other workers, according to a study.

The High Pay Centre said the average pay of chief executives trebled over the past decade amid the banking crisis, recession and public anger over bonuses.

Despite promises of government action, little has changed, with shareholders struggling to rein in excessive payments, the report said.

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Deborah Hargreaves, director of the think tank, said: "It's wrong that Britain's bosses are taking home more and more money as their companies shrink, their employees are squeezed and jobs are being lost."