Posts under ‘Earnings’

Unequal Britain – one million millionaires, another million depend on foodbanks

by Michael Meacher.

The latest report on UK wealth has just discovered that there are 840,000 persons in the UK who are dollar millionaires (i.e. have assets of at least £660,000 excluding their main home) and that this number is expected to reach a million $millionaires within 3 years. That’s the same year when average wages are predicted, […]

The on-demand economy is an even greater threat than zero hours contracts

by Michael Meacher.

Much of the debate about the fast-growing on-demand economy has centred around Uber. Their drivers get paid only when they work and are responsible for their own pensions and health care. Risks borne by companies are being pushed back on to individuals, and this has huge implications for the organisation of work, the potential insecurity […]

The economy should be Labour’s turf, not the Tories’

by Michael Meacher.

It is astonishing that the Tories have opted to fight the coming election on their economic record (maybe because fighting on any other issue would be even worse?) – and equally astonishing that Labour has made such a poor fist of retaliation. The simple truth is, there is nothing at all about the Tory economic […]

Obama imposing $300bn levy on banks & hyper-rich: how about UK?

by Michael Meacher.

It is remarkable that in the citadel of capitalism Obama has just unveiled a plan to impose a levy on the biggest banks and on the wealthiest families that is expected to raise $300bn, yet in Europe any such idea is taboo. In the US the new tax is being crafted to affect only the […]

Tories revert to their age-old policy of stopping the poor breeding

by Michael Meacher.

Occasionally the mask slips and the truth becomes clear. We had already been told that the Tories planned to limit child benefit to the first two children because it would save money. Then IDS (Iain Duncan Smith) let the cat out of the bag: he said it would promote “behavioural change”. This element in the […]

20,000 London bus workers go on strike – with the public on their side

by Jon Lansman.

Picket lines were in place across London’s 70 bus garages today as over 20,000 bus workers working for 18 bus operators take part in a 24 hour strike to end unfair pay disparities across the capital’s bus network. With very solid support for the strike the bus workers’ union Unite urged TfL and the mayor of London […]

Top pay unrelated to performance, just greed – official

by Michael Meacher.

Research on top executive pay over the last decade has found that it had little or no correlation with key performance indicators that companies highlighted to shareholders. The research was undertaken by CFA UK and Lancaster Business School over the 10 years from 2003 to 3013 at 30 of the FTSE-100 companies. It found that […]

Labour views economy through the wrong end of a telescope

by Ann Pettifor.

“There is no path to growth and prosperity for working people which does not tackle the deficit”. So said Ed Milliband last Thursday. The Labour leader has finally succumbed to a baying media pack that insisted he commit himself to an economic goal set by Labour’s opposition: namely “tackling the deficit.” I am no politician, but […]

Inequality is booming – top pay needs a ceiling

by Michael Meacher.

This is an abridged version of the speech Michael Meacher made to the House of Commons on Thursday calling on the Government to set guideline targets for remuneration which over time reduce the ratio between top and bottom incomes in large organisations to no more than 50 to 1. The excesses of extreme inequality are increasingly […]

Economic recovery failing working people

by Grahame Morris.

In 2010, the Tories promised to make work pay. Today, they are hailing the economic recovery, growth revised up and record numbers of people in employment. The economy is certainly working for those at the top. A top rate income tax cut has coincided with the return of bankers bonuses and above inflation increases in […]

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