From their new report:
Top pay in the financial sector alone
accounts for 30% of the top 0.1% of the
income distribution scale and this pay
has attracted the most public attention.
Well, yes, it would, wouldn\’t it? When the country\’s playing host to the very tippy toppy part of a mobile, highly competitive and global industry, namely wholesale international financial transactions, you\’d expect to be playing host to the very tippy toppy and tippy toppy paid people in that global market.
You\’d have to be some sort of dullard to think that you wouldn\’t be really.
And I simply cannot believe that they\’ve not noted the most obvious point about top incomes. They\’re rising around the world. In country inequality is rising around the world (as global inequality is falling). This isn\’t a UK specific outcome.
As such, you might think to ponder on whether there are global causes of it. You know, like globalisation perhaps?
I leave it as an exercise for the reader to think up what the High Pay Commission apparently can\’t manage: some global reason why top pay is soaring.
After all, I\’ve pointed it out around here often enough.