The chief executive officer of Barclays, a prominent banking institution, has faced criticism for advocating government restrictions on wage increases for hardworking public sector employees while his own compensation more than doubled to £10.5 million last year.

CS Venkatakrishnan, also known as Venkat, has been accused of displaying “rank hypocrisy” by the Trade Union Congress (TUC) for his comments urging the government to control public sector pay growth. Venkat’s total remuneration saw a significant 127% increase, climbing from £4.6 million to over £10.5 million, as reported in Barclays’ annual report.

The substantial payout included bonuses exceeding £7 million, in addition to a £3 million annual salary. Despite Barclays expressing the intention to provide its CEO with a potentially significant pay raise, critics have condemned Venkat’s stance on public sector wages.

TUC general secretary Paul Nowak criticized Venkat’s remarks, highlighting the disconnect between his substantial pay hike and the challenges faced by essential public sector workers amid recruitment and retention crises. Nowak emphasized the vital role of public services in sustaining the economy and called for equitable contributions from high-income individuals and corporations to support essential services like schools and hospitals.

Rachel Harrison, National Secretary of GMB, condemned Venkat’s actions as “rank hypocrisy,” emphasizing the indispensable contributions of public sector workers to the nation’s well-being. Luke Hildyard, director of the High Pay Centre, questioned the moral authority of someone receiving a £10.5 million pay package to advise against wage increases for public sector workers, suggesting a more effective taxation approach for the wealthy.

Since assuming the position of Barclays’ group chief executive in November 2021, Venkat has accumulated over £20 million in pay, bonuses, and benefits. In an interview with the Financial Times, he urged government action to address wage inflation across the economy, particularly in the public sector.

The disparity in wage growth between the public and private sectors has been highlighted, with the public sector experiencing a 5.7% increase compared to 4.8% in the private sector from April to June. Venkat also cautioned against tax hikes on banks, citing London’s status as a global financial hub and advocating for a balanced approach to sector taxation.

Campaigners have proposed a windfall tax on major banks to generate significant revenue for the Treasury. Recent fiscal measures, including a reduction in bank surcharges by former Tory Chancellor Jeremy Hunt, have sparked debates on the appropriate taxation levels for financial institutions to ensure sustainable public finances.