Whilst millions are struggling to make ends meet, and the economy is threatened with recession, the City’s top figures’ ‘solution’ is to call for a tax cut – for themselves… Have they no shame?
In a letter to the Chancellor published in the Telegraph today, more than 30 of the City’s “top figures” agree that the “current turmoil in southern Europe” means that the Government must take “immediate actions” to boost confidence. And just what action are the calling for? The immediate scrapping of the 50p top rate “to attract entrepreneurs to Britain…”
Are these, by any chance, the same “top business leaders” who have awarded themselves a 50 percent pay increase in the past year?
According to Incomes Data Services (IDS), the average pay for a director of a FTSE 100 company is now just short of £2.7m. Assuming that they paid the top rate of tax on all their earnings over £150k a year (which is a big if), they would each stand to gain £250,000 a year from the abolition of the 50p rate.
As the IFS have recently demonstrated – in the real world – millions of ordinary families are facing a real terms cut in their living standards of up to 8 percent over the next two years.
Little could demonstrate more tangibly the exent to which Britain’s ‘top business leaders’ have insulated themselves from the real world the rest of us inhabit. Little more could demonstrate the moral bankrupcy of business leaders who simply don’t get it.
Have they no shame?
Surely, nothing demonstrates better the need to Close the Gap between the business elite who have lost their moral compass and the rest of society, who are suffering the consequences.