Matthew Steeples suggests that ‘Fat Cat Friday’ is actually not such a bad thing
Today is branded ‘Fat Cat Friday’ by some in the UK. They moan that business chief executives of the top FTSE 100 companies will have received pay matching what an average worker will receive in the whole of 2019 and groan that this is “excessive.”
In the past, there was a time when business leaders were celebrated and saluted for creating jobs and generating wealth for our country but this morning on Sky News, Dr Faiza Shaheen of the Centre for Labour and Social Studies remarked: “All that is happening is that we are getting more and more angry… And nothing is done.”
This busybody then continued: “There is no one saying wait a minute and this is a group effort and money should be spread across all workers… Bosses have too much power and we need to put workers on boards… There is a huge amount of support to tax the rich more.”
Dr Shaheen – who pompously describes herself on Twitter as an “inequality geek… aiming to redesign the economic system to work for the many” – is entirely wrong and now, at a time when Britain is perilously at risk from Brexit, we need to encourage companies to recruit the best management possible and to celebrate their contribution to our economy. We will not achieve success by slashing the pay of those at the top just as we will not achieve success by slashing the pay of those at the bottom.