Deloitte cut its UK partners’ pay packets by £48,000 in the last financial year as it sought to promote more people to its senior ranks. The “big four” firm said average partner pay was down to £1.012m for the year to the end of May,

The news comes just days after a similar move at rival PwC, which saw top bean counters receive a £44,000 hit.

Revenue at Deloitte’s UK firm, which also encompasses its Swiss operations, rose by 2.4 per cent to £5.7 billion – a sharp slowdown on the 14 per cent growth recorded in the previous 12 months. In the year to May 2022, Deloitte had boosted revenue by 10 per cent.

Deloitte’s UK partners took home about £1mn on average for the fourth year in a row, despite the Big Four firm suffering a sharp slowdown in revenue growth due to waning demand for its advisory services.