The bosses of Britain’s largest listed companies took home record high pay packets for the third successive year, according to a report.

Analysis found that the record set in the last financial year means the average FTSE 100 chief executive is now paid 122 times the salary of the average full-time UK worker.

Executive pay has been on the rise for the past four years, partly as a consequence of pay cuts taken during the pandemic, at a time when many households are still struggling with a cost of living crisis.

The median pay of a FTSE chief executive climbed to £4.58m in the last financial year, up from £4.29m a year earlier, an increase of nearly 7%, according to analysis by the High Pay Centre.