<div class="gmail_quote"><br><div><div class="im"><div><b><a href="http://www.neweconomics.org/publications/bit-rich" target="_blank">http://www.neweconomics.org/publications/bit-rich</a></b></div><div><br></div></div><div>
<span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(233, 241, 248)">( <a href="http://www.neweconomics.org/sites/neweconomics.org/files/A_Bit_Rich.pdf" style="text-decoration:none;color:rgb(0, 99, 148);font-weight:bold" target="_blank">Free download</a> )</span></div>
<div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(233, 241, 248)"><br></span></div>
<div><span style="font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><u>Excerpts of introduction :</u></span></div>
<div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700"><br>
</strong></span></div><div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700">Why a minimum wage is not enough…</strong></span></div>
<div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700">…and why an upper limit is required</strong></span></div>
<div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700"><br>
</strong></span></div><div><div><div><font class="Apple-style-span" color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span class="Apple-style-span" style="line-height: 18px;"><br></span></font></div>
</div></div>
<div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700">From surplus value to social value :</strong></span></div>
</div><div><br></div><span style="font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700"><em style="font-style:italic"><font color="#494a4b">- </font><u><font color="#cc0000">City bankers destroy</font></u><font color="#494a4b"> £ 7 of social value for every pound they generate.</font></em></strong></span><div>
<font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br></i></b></span></font></div><div><span style="font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700"><em style="font-style:italic"><font color="#494a4b">- </font><font color="#cc0000"><u>Top advertising executives destro</u>y</font><font color="#494a4b"> £11 of value for every pound they generate.</font></em></strong></span></div>
<div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700"><em style="font-style:italic"><br>
</em></strong></span></div><div><span style="font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700"><em style="font-style:italic"><font color="#494a4b">- </font><u><font color="#cc0000">T</font></u></em></strong></span><span style="font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><em style="font-style:italic"><strong style="font-style:inherit;font-weight:700"><u><font color="#cc0000">ax accountants destroy</font></u><font color="#494a4b"> £47 of value for every pound they generate</font></strong></em></span></div>
<div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br></i></b></span></font></div><div><span style="font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><em style="font-style:italic"><span style="font-style:inherit"><span style="color:rgb(73, 74, 75);font-weight:700">- For every £1 they are paid, </span><u><font color="#006600"><span style="font-weight:700">childcare workers </span><b>generate</b></font></u><span style="color:rgb(73, 74, 75);font-weight:700"> between £7 and £9.50 worth of </span><u style="color:rgb(73, 74, 75);font-weight:bold">benefits to society</u></span></em></span></div>
<div><div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br></i></b></span></font></div><div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i>//</i></b></span></font></div>
<div><font class="Apple-style-span" color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span class="Apple-style-span" style="line-height: 18px;"><b><i><br></i></b></span></font></div><div><div><span style="color: rgb(73, 74, 75); font-family: 'normal Helvetica', Arial, Tahoma, sans-serif; font-size: 13px; line-height: 18px; background-color: rgb(255, 255, 255); "><span style="font-style: inherit; ">The myths of pay and value :</span></span></div>
<div><span style="color: rgb(73, 74, 75); font-family: 'normal Helvetica', Arial, Tahoma, sans-serif; font-size: 13px; line-height: 18px; background-color: rgb(255, 255, 255); "><span style="font-style: inherit; "><br>
</span></span></div><div><span style="color: rgb(73, 74, 75); font-family: 'normal Helvetica', Arial, Tahoma, sans-serif; font-size: 13px; line-height: 18px; background-color: rgb(255, 255, 255); "><strong style="font-style: inherit; font-weight: 700; ">Myth 10: Pay always rewards underlying profitability</strong></span></div>
<div><span style="font-family: 'normal Helvetica', Arial, Tahoma, sans-serif; font-size: 13px; line-height: 18px; background-color: rgb(255, 255, 255); "><font color="#494a4b">Empirical studies have demonstrated that </font><b><i><font color="#990000">pay arrangements are geared towards serving the <u>financial interests of managers, not shareholders.</u></font></i></b></span></div>
</div><div><span style="font-family: 'normal Helvetica', Arial, Tahoma, sans-serif; font-size: 13px; line-height: 18px; background-color: rgb(255, 255, 255); "><b><i><font color="#990000"><u><br></u></font></i></b></span></div>
<div><div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700">Myth 7: If we tax the rich, they will take their money and run</strong></span></div>
<div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)">They depend on a multitude of factors – cultural familiarity, environment, proximity to friends and family, and quality of public services.</span></div>
</div><div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><br></span></font></div><div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700">Myth 3: Pay differentials don’t matter, so long as we eradicate poverty</strong></span></div>
<div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)">Of course poverty matters. But increasingly it is not absolute levels of poverty alone but the differences between people that contribute to social problems</span></div>
<div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br></i></b></span></font></div><div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700">Myth 4: We need to pay high salaries to attract and retain talent in the UK</strong></span></div>
<div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)">Our case studies show that high salaries don’t necessarily reflect talent.</span></div>
<div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:16px;background-color:rgb(255, 255, 255)"><p style="margin-top:1em;margin-right:0px;margin-bottom:1em;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;line-height:1.4em">
<strong style="font-style:inherit;font-weight:700">Myth 8: The rich contribute more to society</strong></p><p style="margin-top:1em;margin-right:0px;margin-bottom:1em;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;line-height:1.4em">
The rich pay proportionately less tax than the poor, and many of our tax streams such as council tax and VAT are highly regressive. The rich even give less in relative terms to charity than the poor.</p></span><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><strong style="font-style:inherit;font-weight:700">Myth 9: Some jobs are more satisfying, so they require less pay</strong></span></div>
<div><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)">Fishing is the most dangerous job in Britain, with roofers and scaffolders also high up on the danger list, and waste recycling collectors are at number 18. Yet in none of these industries are rank-and-file workers highly paid.</span><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><span style="line-height:16px"><p style="margin-top:1em;margin-right:0px;margin-bottom:1em;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;line-height:1.4em">
<b>//</b></p></span></span><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:16px;background-color:rgb(255, 255, 255)"><p style="margin-top:1em;margin-right:0px;margin-bottom:1em;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;line-height:1.4em">
<strong style="font-style:inherit;font-weight:700">Conclusions</strong></p><p style="margin-top:1em;margin-right:0px;margin-bottom:1em;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;line-height:1.4em">
This report is not about targeting any individuals in the highly paid jobs it scrutinises. Neither is it simply suggesting that people in low paid jobs should be paid more. The point we are making is a more complex one – that there should be a relationship between what we are paid and the value our work generates for society.</p>
<p style="margin-top:1em;margin-right:0px;margin-bottom:1em;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;line-height:1.4em">We need to overcome deep structural issues to act on the implications of this report.</p>
</span><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:18px;background-color:rgb(255, 255, 255)"><span style="line-height:16px"><p style="margin-top:1em;margin-right:0px;margin-bottom:1em;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;line-height:1.4em">
//</p></span></span><span style="color:rgb(73, 74, 75);font-family:'normal Helvetica', Arial, Tahoma, sans-serif;font-size:13px;line-height:16px;background-color:rgb(255, 255, 255)"><h3 style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;padding-top:5px;padding-right:5px;padding-bottom:5px;padding-left:5px;font-size:14px;font-weight:bold;color:rgb(255, 255, 255);background-color:rgb(0, 102, 160);background-repeat:initial initial">
Get the publication</h3><div style="margin-top:0px;margin-right:0px;margin-bottom:20px;margin-left:0px;padding-top:1em;padding-right:1em;padding-bottom:1em;padding-left:1em;background-color:rgb(233, 241, 248);background-repeat:initial initial">
<div style="margin-top:0px;margin-right:20px;margin-bottom:0px;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;float:left"><img src="http://www.neweconomics.org/sites/neweconomics.org/files/imagecache/masthead_publication_half/A_Bit_Rich.jpg" alt="A Bit Rich" title="A Bit Rich" width="82" height="115" style="border-top-width:1px;border-right-width:1px;border-bottom-width:1px;border-left-width:1px;border-style:initial;border-color:initial;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;border-left-style:solid;border-top-color:rgb(204, 204, 204);border-right-color:rgb(204, 204, 204);border-bottom-color:rgb(204, 204, 204);border-left-color:rgb(204, 204, 204)"></div>
<div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;float:left"><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:40px;background-color:initial;background-repeat:no-repeat no-repeat">
<div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;text-align:center;width:120px"><p style="margin-top:1em;margin-right:0px;margin-bottom:1em;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;line-height:1.4em">
<a href="http://www.neweconomics.org/sites/neweconomics.org/files/A_Bit_Rich.pdf" style="text-decoration:none;color:rgb(0, 99, 148);font-weight:bold" target="_blank">Free download</a><br>( 922KB )</p></div></div><div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:40px;background-color:initial;background-repeat:no-repeat no-repeat">
<div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;text-align:center;width:120px"><BR><MailScannerForm9336 form action="http://www.neweconomics.org/publications/bit-rich" accept-charset="UTF-8" method="post" style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px" target="_blank" onsubmit="return window.confirm("You are submitting information to an external page.\nAre you sure?");">
<div style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px"><span><input type="reset" name="op" value="Buy a hard copy" style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-family:inherit;font-size:inherit;font-style:inherit;font-weight:bold;color:rgb(0, 99, 148);text-decoration:none;border-top-style:none;border-right-style:none;border-bottom-style:none;border-left-style:none;border-width:initial;border-color:initial;text-transform:none;background-color:initial;background-repeat:initial initial"></span></div>
</MailScannerForm9336>£5</div></div></div></div></span></div><div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br>
</i></b></span></font></div><div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br></i></b></span></font></div>
<div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br></i></b></span></font></div><div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br>
</i></b></span></font></div><div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br></i></b></span></font></div>
<div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br></i></b></span></font></div><div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br>
</i></b></span></font></div><div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i>//</i></b></span></font></div>
<div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><i><br></i></b></span></font></div><div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif" size="1"><span style="line-height:18px">Note: thanks to Erminio for the link</span></font></div>
<div><font color="#494a4b" face="'normal Helvetica', Arial, Tahoma, sans-serif"><span style="line-height:18px"><b><br></b></span></font></div></div>
</div><br>