the gilded life of the male banker

The Sunday Times reported on 14 June 2020 that men working in financial services were the only group of workers in the UK who had not seen their pay fall.Research conducted for the newspaper by the New Economics Foundation (NEF) compared earnings in February and April 2020. While women working in financial services remained relatively advantaged by comparison with most other workers, there was a pay gap of 30.6% between the average hourly earnings of full-time men and women in the sector in 2019, according to OND statistics . During lockdown, women in the sector were twice as likely as their male colleagues to have been furloughed (10%: 5%), four times as likely to have lost their jobs (4%:1%), and had experienced a 5% cut in their pay. At the other end of the economic spectrum, the Sunday Times reported that the wages of those working in accommodation and food services fell by almost 25% during lockdown. In February 2020 these workers earned an average £260 per week by comparison with the average weekly £1644 earned by those in finance and insurance. Minimum wage regulations delivers relatively low gender pay gaps among these and other categories of low paid workers gaps (7% for full-time workers in food and accommodation, for example) by providing a wage floor for workers in the formal economy.