The man has quite clearly lost it:
"City high-fliers should lose two thirds of their bonuses to deprived
communities, claims Peter Hain, a candidate for Labour’s deputy
leadership. Their firms could otherwise face heavier regulation and tax."
Lessee: two thirds is 66%. They already pay 40% tax on the dosh, so he’s actually suggesting that they pay 106% for the privilege of working in The City. Yes, that’s the way to encourage our largest net exporter, don’t you think?
""There’s a real problem of people on average incomes feeling there’s a
sort of super rich class right at the top," he said. "What is it? Four
thousand city workers receiving more than a million pounds each in
bonuses. People don’t feel that’s proportionate."
Actually, the City firms are doing precisely and exactly what many urge all companies to do. They’re sharing the profits with the workers. Just like John Lewis does, just like a worker’s co-op, this is what we all want companies to do, isn’t it? Share the wealth with those who create it?
Anyway, this is internal politics in the Labour Party, he’s running for Deputy Leader and there’s enough people motivated by envy in his electorate for this to resonate.
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