The High Pay Commission has produced a report this week claiming that, if left unchecked, income inequality will be back at Victorian levels before long. One of the drivers of this is the runaway train of boardroom pay. Despite the financial crisis, executive pay has continued to grow at levels far in excess of inflation.
The High Pay Commission's Deborah Hargreaves, who used to be the Guardian's business editor, is with us this week to explain her report's findings. She details plans to put workers on remuneration committees and simplify executive pay packages. Above all, the report claims that growing inequality is socially corrosive.
However, the Guardian's City editor Jill Treanor says that where bonus restrictions have been tried in the banking sector, it has often led to executives simply taking home larger basic salaries.
Later this week the government's own panels looking at the question of high pay will report. But legislating in the face of intense lobbying from some of Britain's most influential industries will not be easy.
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