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EVENT
After the election: what next for centre-left politics?
CAMPAIGN
High Pay Commission
PUBLICATION
The Advertising Effect
THINKPIECE
#60 Responses to Recession
Campaigns
Monday, August 17, 2009
Politicians, academics, writers, journalists, economists, bloggers, campaigners and trade unionists have all offered their backing for a High Pay Commission to come up with sensible measures to tackle excessive pay and to reign in the so-called ‘masters of the universe', in order to deliver a fairer, stable and sustainable economy for the future.
YOU CAN TAKE ACTION ON HIGH PAY NOW:
1) SEND AN EMAIL TO YOUR MP
2) SEND AN EMAIL TO THE CHANCELLOR
3) INVITE YOUR FRIENDS TO TAKE ACTION
4) ADD YOUR SIGNATURE AT THE BOTTOM
The campaign statement reads as follows:
"The crisis we find ourselves in is one significantly caused by greed. The salaries of those at the top raced away while the median wage stagnated. Inequality grew, and an economic crisis ensued. The unjust rewards of a few hundred 'masters of the universe' exacerbated the risks we were all exposed to many times over. Banking and executive remuneration packages have reached excessive levels. We believe now is the time for government to take decisive action.
The facts speak loud and clear: an employee working a 40 hour week earning the minimum wage would have to work for around 226 years to receive the same remuneration as a FTSE 100 CEO does in just one year.
Remuneration and performance pay cycles are too short; rewards for failure are too great, to the detriment of the long term future of these companies and the wider economy. The government must now take decisive action on excessive pay at the top when it has had such a damaging and corrosive effect on the real economy and wider society.
In 1997 a ‘Low Pay Commission' was set up to advise on the implementation of the Minimum Wage - a policy which has ensured greater fairness and economic stability. We need a 'High Pay Commission' to launch a wide-ranging review of pay at the top. It should consider proposals to restrict excessive remuneration such as maximum wage ratios and bonus taxation to provide the just society and sustainable economy we all want.
Furthermore, we also need the government to take the moral lead by setting reasonable pay structures within our public bodies, for public procurement contracts and last but not least - within our publicly owned banks.
We therefore urge the government to create a High Pay Commission to come up with concrete solutions and instigate the real change that will ensure a more sustainable, equal and secure economic future for all."
Signed by:
Brendan Barber, General Secretary, Trades Union Congress
Dr Jon Cruddas MP
Dr Vince Cable MP, Deputy Leader & Shadow Chancellor for the Liberal Democrats
Polly Toynbee, the Guardian
Dr Caroline Lucas MEP, Leader of the Green Party
Professor Ruth Lister CBE, FBA, Professor of Social Policy, Loughborough University
Duncan Green, Head of research, Oxfam
Frank Field, Labour MP
Neal Lawson, Chair, Compass
Billy Hayes, General Secretary, CWU
Adrian Sinfield - Professor Emeritus in Social Policy, School of Social and Political Studies, University of Edinburgh
Alan Simpson, Labour MP
Alex Smith, Editor of Labourlist
Andrew Mackinlay, Labour MP
Andrew Simms, Policy Director, The New Economics Foundation
Andrew Stunell, Liberal Democrat MP
Ann Black
Anneliese Dodds, Labour PPC for Reading East
Bill Etherington, Labour MP
Chris Mclaughlin, Editor of Tribune
Chuka Umunna, Labour PPC for Streatham
Clifford Singer, The Other Taxpayer's Alliance
Clive Efford, Labour MP
Cllr Dr Neeraj Patil MBBS,FRCS, Labour PPC for Surrey Heath
Cllr Jenny Jones, London Assembly Member, Green Party
Colin Burgon, Labour MP
Dai Davies, Independent MP
Dave Anderson, Labour MP
Dave Prentis, General Secretary, Unison
David Byrne, Professor of Sociology and Social Policy, University of Durham
David Drew, Labour MP
David Heyes, Labour MP
David Taylor, Labour MP
Davina Cooper, Professor of Law & Political Theory, Kent Law School, University of Kent
Derek Wyatt, Labour MP
Doug Naysmith, Labour MP
Dr Brian Iddon, Labour MP
Dr David Alderson, Senior Lecturer, English and American Studies
Dr Eryl Price-Davies, Principal Lecturer, Thames Valley University
Dr Gideon Calder, University of Wales
Dr Ian Greer, Leeds University
Dr Jo Littler, Senior Lecturer, Media and Cultural Studies, School of Arts, Middlesex University
Dr S.D Lilley, University of Leicester
Duncan Weldon, Economist
Frank Cook, Labour MP
Gavin Hayes, General Secretary, Compass
George Irvin, University of London, SOAS
Gordon Prentice, Labour MP
Grahame Morris, Labour PPC for Easington
Guy Palmer, The Poverty website
Helena Kennedy QC, Member of the House of Lords
Hilary Wainwright, Editor of Red Pepper Magazine
Howard Reed, Director, Landman Economics
Ian Stewart, Labour MP
Jane Wills, Queen Mary, University of London
Jeremy Dear, General Secretary of NUJ
Jim Dobbin, Labour MP
Jim Sheridan, Labour MP
Joe Benton, Labour MP
Johann Hari, The Independent
John Austin, Labour MP
John Battle, Labour MP
John Cummings, Labour MP
John Harris, Guardian
John Leech, Liberal Democrat MP
Julian Petley, Professor of Screen Media and Journalism, Brunel University
Kate Green, Chair, Child Poverty Action Group
Kelvin Hopkins, Labour MP
Kevin Maguire, Associate Editor, Daily Mirror
Lilian Greenwood, Labour PPC for Nottingham South
Linda Riordan, Labour MP
Lindsay Mackie, Writer
Lord Trevor Smith of Clifton
Lynne Jones, Labour MP
Margaret Moran, Labour MP
Mark Donne, Director of the Fair Pay Network
Michael Meacher MP
Mick Hancock, Liberal Democrat MP
Neil Gerrard, Labour MP
Nicky Gavron, London Assembly Member, Labour Party
Noel Hatch, Chair, Compass Youth
Oona King, Campaigner
Paddy Tipping, Labour MP
Paul Blomfield, Labour PPC for Sheffield Central
Paul Flynn, Labour MP
Paul Holmes, Liberal Democrat MP
Paul Smith, Labour PPC Bristol
Peter Tatchell, Human Rights Campaigner
Prem Sikka, Professor of Accounting, University of Essex
Priscilla Alderson, Professor of Childhood Studies, University of London
Professor Christine Cooper, University of Strathclyde
Professor Christine Cooper, University of Strathclyde
Professor Danny Dorling, University of Sheffield.
Professor Gregor Gall, Professor of Industrial Relations, University of Hertfordshire
Professor Martin Parker, University of Leicester School of Management
Professor Peter Case, Director, Bristol Business School
Professor Peter Fleming, QMUL
Professor Robert Hampson FEA, FRSA, Royal Holloway, University of London
Professor Simon Lilley, University of Leicester School of Management
Professor Stefano Harney, School of Business and Management, QMUL
Richard Burden, Labour MP
Richard Murphy, Tax Research LLP
Richard Scorer, Labour PPC for Hazel Grove
Richard Wilkinson, Director of the Equality Trust
Roger Berry, Labour MP
Roger Levett
Ronnie Campbell, Labour MP
Sally Hunt, General Secretary of UCU
Sam Gurney, Labour PPC, Labour PPC for Kensington
Sam Tarry, Chair of Young Labour
Steve Davies, Senior Research Fellow, Cardiff University
Sunny Hundal, Editor of Liberal Conspiracy
Tom Copley, Chair, London Young Labour
Tom Flynn, Labour PPC for Southend West
Will Straw, Editor of Left Foot Forward
Please sign the statement and encourage your friends to do the same!
Comments
on 02 August 2010, 7:07:42 AM
The growing rich/poor gap is a disgrace to a 'civilised' society.
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That is a perfect critique of Newlabour's failure in a nutshell.
on 02 August 2010, 12:04:54 AM
on 14 June 2010, 6:47:30 AM
on 13 June 2010, 9:38:31 PM
In our grossly unequal monopoly capitalist country and throughout the capitalist world, the workers, the real creators of wealth are often treated as second class citizens.
Whilst the parasitical finance and industrial capitalist class live in wealth and wallow in luxury.
Cut these greedy, uncaring opportunists down to size.
Lets have a maximum income of no more than 4 times the industrial average.
In essence this is a re hashing of the old Communist adage:
"FROM EACH ACCORDING TO YOUR ABILITY, TO EACH ACCORDING TO YOUR NEEDS".
We also badly need a real unity of theory and practice.
Well meaning left academics, politicians and trade union leaders are often out of touch with the working people and the massive underclass in decadent Britain.
Keep up the good work.
Yours Sincerely,
Mervyn Drage,
Manchester Unemployed Workers Centre.
E.Mail: m.d342@btinternet.com
Telephone: 0161 684 7733.
on 10 June 2010, 8:11:14 AM
on 10 June 2010, 7:44:53 AM
The argument that High Pay is necessary to obtain the best people is completely false. The truth is anyone will grab as much as they are able or allowed. What has occurred over the past 10 years or so is that those in a position to obtain "High Pay" have seen the way that the argument has built up and found fertile ground for further development of the premise; especially where there is weak management of the financials. Nowhere is this more apparent than in the Civil Service. Over 170 manderins paid more than the Prime Minister - it is so prepostrous that it beggers belief.
Large companies who have "fallen" for this argument (deception) are beginig to wake up to the mistake they have made, the only exception being some of the banks. In the end market forces will make them pay a price both financially and in the board room.
I do believe in reward for work well done, however the idea that a senior executive can get a bonus regardless of performance is utterly ridiculous. No-one should recieve large rewards unless there is good sound justification. Companies who ignore this very basic financial concept will fail at some point.
A "High Pay" commission might be a good idea so long as it is not another way for politicians to HIDE behind another QUANGO! The days of fobbing the general public off with empty gestures are over. We now expect our Government to govern with care and compassion in a way that ensure a reasonable and fair way of life for everyone who is willing to contribute.
on 19 May 2010, 3:09:23 PM
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