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Income Reports

Jan 30, 2019

Low Income

There has been a recent and damning report on poverty in the UK compiled by a United Nations Special Rapporteur, which shows that 1/5 of the population – i.e. 14 million people are currently living in poverty, it documents some of the effects of government austerity measures including changes in the benefits system and reduction of funding to local authorities. It suggests that poverty has not, overall, been reduced by relatively full employment, and that income gaps between high and low earners are increasing. The Rapporteur concludes that ‘The experience of the United Kingdom, especially since 2010, underscores the conclusion that poverty is a political choice. Austerity could easily have spared the poor, if the political will had existed to do so.’

Statement on Visit to the United Kingdom, by Professor Philip Alston, United Nations Special Rapporteur on extreme poverty and human rights London, 16 November 2018

High Income

The High Pay Centre describes itself as ‘an independent non-party think tank established to monitor pay at the top of the income distribution and set out a road map towards better business and economic success.’ Every year it notes the day on which ‘the UK’s top bosses make more than a typical full-time worker will earn in the entire year’*. This year that day was Jan 4th – i.e. just three full working days into 2019.
*£ 29,574

Figures collated by ‘the High Pay Centre think tank and the professional HR body the Chartered Institute of Personnel and Development (CIPD)’ have shown that in 2018 ‘the average FTSE 100 CEO was paid £1,020 per hour or £3.926 million ($5 million) for the year’.

https://www.cnbc.com/2019/01/04/fat-cat-friday-uk-bosses-have-already-earned-average-pay-for-2019-.html

 

This further contribution argues for the need to reform the typical Remuneration Committee of the large corporation and makes some positive suggestions for how such committees might be changed.

‘Governing successful organisations that benefit everyone’ Jan. 2019

http://highpaycentre.org/pubs/remco-reform-governing-successful-organisations-that-benefit-everyone [summary]

http://highpaycentre.org/files/RemCo_Reform_report_.pdf [full report]