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On reining in the private sector to make the hyper-rich, very rich and quite rich take their share of the burden of avoiding an incomes-price spiral, and not making the less well-off employees in public sector take all the strain, I can't see any objection to some steeply graduated income super-tax rates rising from 50 to 95 per cent on all incomes from, say, £100,000 to anything over £5m a year so that any increases through salary increases, bonuses, cashing in of share options, etc., in excess of the rate of inflation would be negated by moving the taxpayer concerned into an even higher tax bracket. Tack on a windfall tax on the oil companies and any others profiting from higher international commodity prices unrelated to their own performance, and you have the beginnings of a case in equity for appealing to ordinary working people for wage restraint.
You'll probably say that all this is an Old Labour nightmare and that all our best and most entrepreneurial businessmen and financiers would up sticks and emigrate, presumably to Abu Dhabi, which might get a bit crowded. I doubt if they will fancy their chances with President Obama, anyway.
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Couldn't resist. But please don't read this comment either!
Brian writes: I wouldn't dream of it….
Now is the time for all good men to come to the aid of — er, which party?
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