EACH PwC partner invests £1.2m as UK’s biggest accountancy firm cashes in on corporate deal boom

PwC partners will take home more than £1m each this year after a stellar financial performance.

Average UK earnings per partner reached £920,000 in 2021-22, up from £868,000 the previous year, sources close to Britain’s biggest accountancy firm said.

The partners will also share a windfall of around £100,000 each from the sale of PwC’s global mobility services business in April.

Windfall: Average UK earnings per PwC partner reached £920,000 in 2021-22, up from £868,000 the previous year, sources close to the UK’s biggest accountancy firm said.

This means PwC’s 950 partners in the UK will take home an average of £1.2m.

PwC had an exceptionally strong year, driven by a boom in corporate deals as private equity firms continued to swarm the UK market.

The record partner salary has not been officially announced, but will be released when audited financial results are released in the fall.

The accounting giants have posted record profits over the past couple of years, helped by demand for consultants as companies continue to reform and digitize their operations in the wake of the Covid pandemic.

But the payouts come at a difficult time, with the industry under fire over a series of audit blunders that have led to huge fines.

The windfall also follows calls from Andrew Bailey, the governor of the Bank of England, and ministers for private sector bosses to enforce pay caps amid rampant inflation.

It rose to 9.1 percent in May and is forecast to rise as much as 11 percent this year amid surges in energy, food and commodity prices.

Andrew Speake, spokesman for the High Pay Center, said: “These massive payouts show that the pain caused by the cost of living crisis is not being shared equally.

“Workers who are told they shouldn’t ask for a raise because of inflationary pressures will look at stories like this and ask why it doesn’t apply to the wealthier in society.”

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