It didn’t feel great to read about “Fat Cat Wednesday” just as the January depression was about to kick in. To know that UK top bosses earned more in two and a half days than most will make in the whole of 2017, made me want to crawl back into bed, i doubt I was alone.
There was a fairly strong public outcry at this shocking statistic, so riding on the back of that Jeremy Corbyn, today, announced he would consider a maximum wage, limiting the amount someone could earn in the UK.
Corbyn is hoping that this limit would create a more equal and fair society and help fund public services. However, senior employees could be paid out of company profits or with shares to make up their income.
The people who would fear this wage the most are the people on huge sums of money, most people will never make anywhere near the cap, average salary is £28,000 per annum, so the limit would never trouble them.
He kicked off the idea during an interview on the BBC Radio 4’s Today programme, when Corbyn said: “”I would like there to be some kind of high earnings cap, quite honestly…I can’t put a figure on it.
“The point I’m trying to make…is that we have the worst levels of income disparity of most of the OECD countries in this country. It’s getting worse and corporate taxation is a part of it.
“If we want to live in a more egalitarian society and fund our public services we cannot go on creating worse levels of inequality.”
He condemned the “ridiculous” salaries of company executives and Premiership footballers. Although he didn’t give an exact figure he indicated it would be “somewhat higher” than the £138,000 he takes home a year.
A huge Arsenal fan he slammed into top footballers saying: “The salaries that are paid to some footballers are simply ridiculous. I think some of the salaries paid to very high-earning top executives of companies are utterly ridiculous.”
Not everyone was positive about it though…
“It’s absolutely f*****g bonkers” “he came up with it off the top of his head” one Labour Party source tells me of Corbyn wage cap idea.
— shelley phelps (@shelleylphelps) January 10, 2017
Luvvie socialists respond to Jeremy Corbyn’s #maximumwage cap pic.twitter.com/LRKU3PyNkE
— Martin Daubney (@MartinDaubney) January 10, 2017
Since you are here
Since you are here, we wanted to ask for your help.
Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.
Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.
If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.
To donate or subscribe to The London Economic, click here.
The TLE shop is also now open, with all profits going to supporting our work.
The shop can be found here.
You can also SUBSCRIBE TO OUR NEWSLETTER .
