The fact that over 3,500 UK-based bankers earn over a million euros, at a time when callous austerity policies are still causing hardship, and the numbers of homeless and food bank users increase daily, is appalling (More than 3500 UK bankers paid 1m euros a year, says EU report, 12/03/19). With their average pay over two million euros, "skewed by huge payouts at the top", it is clear nothing has been done since the crash of 2008-9, either to remedy the obscene payments or create a "socially useful banking industry", largely because the Tory governments have obviously been quite happy with the situation.
Relying on the highly-paid`s sense of fairness, or even on their embarrassment, doesn`t have any effect, so an obvious solution is to raise taxation. Labour has promised to increase top income tax levels for those earning over £123,000 to 50%, but this will only encourage bankers and their ilk to demand more. As a temporary measure, to prevent inequality increasing further, perhaps taxes are in need of further incremental increases, reaching 95% when income goes over £1m, and 100% over £2m? The right-wing`s invention, the Laffer Curve, no longer has economists` support, whilst the ideas that high taxes both decrease aspiration, and encourage the rich to emigrate, are Tory party propaganda.
If a fair society is ever to be achieved in the UK, drastic measures have to be taken, and where better to start than with tax?
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