British Socialism in the 21st Century

I must confess that when reading through Forbes list of the worlds richest people, you have to head quite a long way down the list before you find a Brit. There’s no need for a person to have tens of billions of pounds. Or dollars, for that matter. Here in the UK, we are strong believers of wealth distribution, and the idea of having a handful of mega billionaires is something we find rather distasteful. Instead, we have lots and lots of plain old fashioned normal billionaires.

Lots and lots of them. Over a hundred now, which is more billionaires per capita than any where else on the planet. London is home to the majority of them, unsurprisingly. A total of 72, more than any other city on the planet.  I’ve read repeatedly how London is reclaiming it’s title of Capital of the World. It sure does have the capital. And that loot is coming in from all four corners of the globe. You see, of the 25 richest people in Britain, only seven of them are actually British. And one of those has a bit of a question mark over his nationality. Just two of them are in the top ten.  Here’s a little chart I created, totalling up the cash per country. For convenience, I included the Ukrainian chap in the ‘Russia’ tab. He soon will be, anyway.

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To be clear, I’m not anti-rich people. I’m a fan of Bill Gates, and they don’t come any richer than him. But, am I really being controversial by stating the opinion that if the majority of the wealth that exists on this planet is concentrated in the possession of an incredibly tiny proportion of the population then something has gone wrong? Economics is a complicated subject, I know. But surely the status quo is not the perfecta ratio?

I imagine most people, of whatever political persuasion, do not wish to see fellow citizens who are prepared to do a fair days work but have no work to do, made homeless or starve. That is why we have a social safety net. But my little rant today are for those are actually do complete a fair days work. The Minimum Wage was one of the better policies introduced by Tony Blair’s government. The ratification of the European Working Time Directive in 1999 was also an important step forward.

If we’re not paying people a living wage, then they end up picking up benefits to keep their head above water. In other words, the tax payer is subsidising the employers, be they corporations or smaller enterprises. There are a few policies that I would like to see implemented by the next UK government. Assuming that the incumbent one is removed….crossed fingers.

I’d like to see the minimum wage increased to a living wage. I’d like to see the Tax Allowance increased to the amount set as the minimum wage. I’d like to see employers obliged to pay 1.5x the hourly rate for every hour that PAYE employees works over their contracted hours. I’ll wager that the Zero Hours contracts will disappear pretty quickly. I’d also like to see pay at 1.5x the hourly rate for all hours worked on Saturdays, and 2x the hourly rate for work done at night or on Sundays.

I’d like to see a couple of pieces of Mexican employment legislation introduced too. Particularly, a minimum of a three month pay off for all employees fired, let go or otherwise released from employment contracts, on top of any redundancy pay out that already exists in British law. Just to put a bit more onus on employers to choose their employees carefully, to ensure they give them a fair opportunity and to ease any period of unemployment for the employee. Lastly, a Christmas bonus. Two weeks salary, to be paid prior to Jesus’ big day in December.

Which of the main UK political parties will take these ideas up and run with them? I’d give them my vote. Alas, I’ll probably have to run for parliament myself…

 

 

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2 comments

  1. In the insurance racket they have a concept called moral hazard, the days when a person could insure another and then bop them on the head for the payout are not so far in the past. One has to have an insurable risk on anther’s soul to be able to write a policy on their ability to breath. Expecting the common to pick up the tab when one fails to pay their employee enough to live on falls into the moral hazard bailiwick. And as such, it demands public intervention.

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