Money blog: Pound surges against euro - how political crisis, China slowdown and stalling car industry are to blame

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The pound has hit an eight-year closing high against the euro. Meanwhile, new research has revealed the UK city where residents have the most spare cash. Read these and the rest of today's consumer and personal finance news below.

A Tory billionaire has said bosses of London-listed companies should be paid like 'top-rate footballers'.Lord Michael Spencer, a financier made a peer by Boris Johnson, said it would attract better chief executives.The former Conservative Party treasurer told the Financial Times: 'We don't mind paying our footballers, top-rate footballers, extraordinary amounts of money. 'Somehow that's considered perfectly acceptable.

'FTSE 100 chief executives were paid a median £4.1m last year, compared to £12.5m for bosses of S&P 500 companies in the US, the newspaper reported.The four highest-paid footballers in the Premier League earn £18m to £20m annually, according to data agency Copology, but the FT found the average salary was more like £2m.

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