Pressure group Compass, supported by 100 public figures, including politicians, believes the Commission would deliver ‘a fairer, more stable and sustainable economy’. It would consider steps including maximum wage ratios and bonus taxes.
Respondents to the survey, carried out on the SII website, were invited to leave comments. Among those opposing the Commission were: ‘This will discourage creativity, skill and hard work - will they set up a Commission for the footballers too?’; and: ‘Why shouldn't businesses reward according to profits?’ Another contributor argued: ‘Any restriction on bonuses will drive top performers offshore and will have an adverse impact on financial services and the economy overall.’
There was support for the Commission from 36% of those taking part, comments including ‘greater equality benefits everyone in a society’ and that excessive remuneration led to ‘excessive negative behaviours’.
One respondent called for a £1 million cap on a person's income, arguing ‘anything above that is obscene to the ordinary man in the street’. Compass argues that the ‘unjust rewards’ of a few hundred ‘masters of the universe’ exacerbated the risks to which the UK was exposed.
In another SII survey, two thirds of respondents agreed that financial practitioners should have to obtain a licence to practice which is renewable regularly. Sixty-seven per cent favoured an ‘MOT' system, similar to that planned for teachers and doctors, with 33% against such a measure.
What do you think? Let me know at [email protected] or to take part in the latest SII survey visit: sii.org.uk.
