How wide should income differentials be?
One of my passionate concerns is over inequalities in income, wealth and power – it shapes much of my political thought and aspirations. I’ve blogged before on the wide income differentials in British society – see here and here.
Of course, it would be ridiculous for all of us to be paid the same; we have different experience, skills, education and responsibilities. But how wide should the income gap be in a fair society?
I have no problem with some people being paid more, even a lot more, than the average. Say 10 times, 20 times, 30 times, 40 times.
But, according to a new report from research group Incomes Data Services, British boardroom pay rose by 55% in a year. The average FTSE 100 chief executive earned £4.9 million last year, almost 200 times the average wage. Now that can’t be right or fair.