The trouble with Theresa May`s promise to "rebalance the system in favour of ordinary working people" is that we have all heard the rhetoric before, and are still waiting to see the relevant action (Boardroom excesses can no longer be tolerated. The economy has to work for all, 21.01.18). On becoming prime minister in 2016, her Downing Street pledges to fight "burning injustices", help the "just about managing", and make Britain "a country that works not for a privileged few" led simply to continued unnecessary austerity policies and her support for more grammar schools!
May`s big idea about restricting the excesses of capitalism was to have workers` representatives on company boards, but business lobbying soon put pay to that, which is why she has been forced to resort to the failed tactic of "naming and shaming", which has done absolutely nothing to reduce tax avoidance or paying wages below the minimum level required. Now forcing greedy directors to "explain themselves" is supposed to stop them arranging obscenely massive bonuses for themselves?
Instead of issuing what are clearly not "tough new rules" about pay ratios and pension funds, a government determined to "stand up" to businesses would pass legislation, firstly to ensure the correct percentage of profit is paid into companies` pension funds before calculating shareholder dividends, and secondly, to set a sensible pay ratio between bosses and their workers. Such legislation would have the desired effect, but only if those who then chose to break these laws faced not doubtless affordable fines, but imprisonment. Similar punishment is needed, too, for auditors who give misleadingly positive trading figures for companies in far from healthy state of economic wellbeing.
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