The recent advisory vote against JP Morgan’s $202m executive pay package has drawn much attention. Investors and commentators seem to recognise that such excess is barely justifiable at the best of times, far less as inflation spirals out of control and the cost of living crises deepens.
Addressing the largess of executive pay is only a partial solution to the fact that increasing income inequality is destabilising society and undermining our economy. As Richard Wilkinson and Kate Pickett show compelling in their well-known treatise, The Spirit Level: when we reduce inequality, we all do better. Better health, better security, better prosperity - for all. Inflation data continues to show that it is the poorest families who are being hardest hit by the rocketing cost of living. The UK's Institute for Fiscal Studies has reported that the poorest households faced inflati...
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