The number of people earning over £1 million a year has dropped by 16 percent.
According to HMRC data, jut 16,000 earned over £1 million in 2016/17, compared with 19,000 a year earlier.
The fall in £1 million earners forms part of an overall decline in high earners in the past year, with the number of people in the £500,000 plus and £300,000 plus income brackets also falling by 3,000 and 1,000 respectively.
National accountancy group UHY Hacker Young said that one of the factors driving this fall has been the introduction of the EU bankers’ bonus cap, which limits bonuses to 100 percent of salary and ca...
