To truly level up, cap the pay of the super-rich | Letter

As the rich get richer, former trade minister John Battle has a sense of deja vu about Liz Truss's economic policies

In 2011, the economist Branko Milanovic pointed out that the employee bonuses paid out by the investment bank Goldman Sachs in 2009 (the credit crunch" days) were equal to the combined earnings of the world's 224 million poorest people. The response of the coalition was the austerity years. As the number of ultra high net worth" people rises to a new record (Number of global ultra high net worth individuals hits record high, 20 September), it is with an appalling sense of deja vu that I envisage a Liz Truss government squeezing already damaged public services in a vain attempt to run away from redistribution". What about trying fairer shares and even a statutory maximum wage (including bonuses)?
John Battle
Department of Trade and Industry minister 1997-99

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