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Jeremy Corbyn to warn businesses over 'unfair' pay Jeremy Corbyn to warn businesses over 'unfair' pay
(35 minutes 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's proposal was criticised by business lobby group the CBI, which said it would not support the move.
'Holds back growth'
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.
Mr Corbyn will say: "Only profitable employers will be paying dividends; if they depend on cheap labour for those profits then I think there is a question over whether that is a business model to which we should be turning a blind eye."
He will also 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' Living wages: How does it add up?
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. More on the living wage
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. But CBI chief of staff Matthew Fell said: "The idea of politicians stepping into the relationship between a private company and its shareholders would be a significant intervention, and not one that we would support."
Addressing a conference in London of the left of centre think tank the Fabian Society, Mr Corbyn is also expected to attack 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. Mr Corbyn will also repeat his promise to renationalise the railways and say that the way to bring down energy bills for consumers is to restore "democratic control" of the energy companies.
The speech by Mr Corbyn - who is also addressing the Unite trade union's Scottish conference later - comes days after a 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? BBC political correspondent Matt Cole said Saturday's speeches were an opportunity for Mr Corbyn to regain the political initiative after the turmoil over the reshuffle.
More on the living wage