Chief executive of UK bank Barclays, Matthew Barrett, saw a 29 per cent jump in remuneration to £1.74m in 2000, it emerged on Wednesday.

Mr Barrett received a basic £850,000 salary in 2000 but received additional benefits of £246,000 and an annual performance bonus of £638,000.

Barclays said that Mr Barrett’s pay packet reflected his first complete year in charge of the bank.

Barclay’s annual report showed the remuneration for the chairman of Barclays, Sir Peter Middleton, more than halved in 2000.

Sir Peter, who was paid £1.75m in 1999, received £556,000 in 2000 reflecting the fact he was no longer carrying out the combined chairman and chief executive role.