Jeremy Corbyn calls for 'maximum earning limit' for highest paid

Posted On: 
10th January 2017

Jeremy Corbyn has called for a maximum wage cap to be introduced for high-earners.

Jeremy Corbyn said bankers' pay should be capped
PA Images

The Labour leader refused to say where the limit should be set, but said action was needed to reduce inequality in Britain.  

“I would like there to be some kind of high-earnings cap, quite honestly,” he said on Radio Four's Today programme.

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“We have the worst levels of income disparity of most of the OECD countries in this country; it’s getting worse and corporate taxation is a part of it. If we want to live in a more egalitarian society and fund our public services we cannot go on creating worse levels of inequality.”

Asked what level the pay cap should be, he said: “I am not wedded to a figure on it. I would like to see a maximum earning limit, quite honestly, because I think that would be a fairer thing to do because we cannot set ourselves up as being a sort of grossly unequal bargain-basement economy on the shores of Europe. We have to be something that is more egalitarian.”

Pressed on the idea later, he said he wanted to restrict the earnings of “those on very, very high salaries in the banking sector and others”.

And he said he was open to the idea of setting the limit as a ratio between the top earner in a company and the average or lowest paid.

“It’s something I would like to look at and hear what goes on in other countries,” he said.

The comments come after it emerged Mr Corbyn is looking to relaunch his leadership in a bid to capitalise on the rise of anti-establishment feeling among voters.