‘High pay is good for Britain' ...?

‘High pay is good for Britain. In fact it is vital.’ So wrote Michael Spencer, chief executive of interdealer broker, ICAP, who has a fortune worth half a billion pounds, in the Independent on 10 March 2012. Not true, as shown in this rebuttal of “trickle-down” economics by Stewart Lansley of The Townsend Centre for International Poverty Research at Bristol University and the author of The Cost of Inequality: why economic equality is essential for recovery.

See Inequality and instability: why more equal societies have more stable economies at www.cpag.org.uk/sites/default/files/CPAG-Poverty142-inequality-instability.pdf