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Jeremy Corbyn to warn businesses over 'unfair' pay | Jeremy Corbyn to warn businesses over 'unfair' pay |
(about 1 hour later) | |
Jeremy Corbyn is to say that a Labour government could ban companies from paying dividends to shareholders unless they pay workers the living wage. | Jeremy Corbyn is to say that a Labour government could ban companies from paying dividends to shareholders unless they pay workers the living wage. |
He will say in a speech later that too much profit from economic growth has gone to those at the top of society. | He will say in a speech later that too much profit from economic growth has gone to those at the top of society. |
The Labour leader will explain his strategy to tackle pay inequality and "institutionalise fairness" in Britain. | The Labour leader will explain his strategy to tackle pay inequality and "institutionalise fairness" in Britain. |
The government has already announced a compulsory national living wage of £9 an hour by 2020 for people over 25. | The government has already announced a compulsory national living wage of £9 an hour by 2020 for people over 25. |
Mr Corbyn will suggest imposing "pay ratios" between those at the top and those at the bottom of a company's pay scale could be another option for creating a fairer society. | Mr Corbyn will suggest imposing "pay ratios" between those at the top and those at the bottom of a company's pay scale could be another option for creating a fairer society. |
"Too much of the proceeds of growth have accumulated to those at the top," he will say. | "Too much of the proceeds of growth have accumulated to those at the top," he will say. |
"Not only is this unfair, it actually holds back growth. A more equal society is not only fairer, it does better in terms of economic stability and wealth creation." | "Not only is this unfair, it actually holds back growth. A more equal society is not only fairer, it does better in terms of economic stability and wealth creation." |
'Fairness over privilege' | 'Fairness over privilege' |
Almost six million workers in the UK are currently paid less than the living wage - an informal benchmark promoted by the Living Wage Foundation which is currently £7.85 an hour and £9.15 in London. | Almost six million workers in the UK are currently paid less than the living wage - an informal benchmark promoted by the Living Wage Foundation which is currently £7.85 an hour and £9.15 in London. |
Addressing a Fabian Society conference in London, Mr Corbyn is also expected to use his speech to make a scathing attack on the Conservatives, accusing them of "running the state into the ground" for ideological reasons. | |
"Their concept of fairness is of a very different order to ours," he will say. | "Their concept of fairness is of a very different order to ours," he will say. |
"Fairness for only a few is not fairness, but privilege." | "Fairness for only a few is not fairness, but privilege." |
The speech by Mr Corbyn - who is also addressing the Unite trade union's Scottish conference later on Saturday - comes days after the turmoil of his shadow cabinet reshuffle over which three of his front-bench team resigned. | The speech by Mr Corbyn - who is also addressing the Unite trade union's Scottish conference later on Saturday - comes days after the turmoil of his shadow cabinet reshuffle over which three of his front-bench team resigned. |
Earlier in the week, shadow attorney general Catherine McKinnell also resigned while citing concerns over Labour's direction under Mr Corbyn. | Earlier in the week, shadow attorney general Catherine McKinnell also resigned while citing concerns over Labour's direction under Mr Corbyn. |
Living wages: How does it add up? | Living wages: How does it add up? |
More on the living wage | More on the living wage |