PwC partners have taken a 10 percent pay cut this year as the firm’s profits fell in the wake of Covid-19.

The average distributable profit per partner before tax was £685,000, compared with £765,000 a year earlier. The effective UK tax rate remained at 48 percent for partners.

PwC said it made this decision as the partnership prioritised protecting jobs and salaries and paying staff bonuses.

This was a result of a fall in total consolidated profit for the financial year to 30 June 2020. The figure stood at £938 million, down eight percent from the £1.02 billion reported a year earlier.

Despite...