Work pays, we are always told, but for many it is clearly not paying enough. The latest official child poverty figures released today show that in-work poverty is on the rise, with two-thirds of poor children now living in families with at least one working parent.
The annual Manifest/MM&K executive director Total Remuneration survey was released this week, finding that take home pay for the average FTSE 100 CEO was up to £4.3 million in 2012, an increase of 10 per cent on the previous year.
The 100 best-paid chief executives of British companies were paid £4.3 million each on average last year, an increase of 13 per cent on 2011, research has found.
So, cutting taxes just makes the rich richer. And that’s it. And since we know inequality harms society these tax rates, it follows, are harmful to us all – the rich included.
Rather than making society’s most vulnerable members carry the can, true ‘austerity’ would require those at the top to bear the much greater burden, in order to bring down increasingly obscene levels of unequal wealth.
Inequality stat of the day.
Will a politician have the courage to make the case for measures to deliberately redistribute from rich to poor if only to correct the redistribution that has taken place in the opposite direction as a result of QE?
In the mirror that The Great Gatsby holds up to 1920s America, we can see a reflection of our own illusions. We need to acknowledge them before we can deal with some of our most deep-rooted social problems.
A minimum wage worker would need to work for 380 hours a week to match the annual salary of someone at the 99th percentile, according to research by the Resolution Foundation.