PwC boss Ian Powell's salary up to £3.6m despite partner profits slump

PwC partners voted to increase Ian Powell's wages have increased to £3.6m despite partners' average profits falling to £759,000.

Powell earned £3.3m last year.

Asked whether he believed he had earned his wages, Powell stressed that it was the senior PwC executives who set his remuneration.

"It's the partners that decide what I earn and I'm exteremely grateful to them for that."

Powell, who has steered the firm through the worst economic slump in recent memory, added that PwC was well ahead of the chasing pack of other Big Four firms, but in terms of competition there were other players outside of the accountancy industry to consider.

"We still think that we're the clear leaders [among firms]. But there are so many different players out there."

The firm is focusing on the growth of its consulting business ts financial services offering, forensic practice and sustainability offerings.

However Powell also warned that the government would need to keep the UK fiscally attractive so the overseas business people who spur the economy keep coming here.

"We get the best international talent coming here. The economy would be damaged if they didn't," he said.