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| Jeremy Corbyn warns businesses over 'unfair' pay | Jeremy Corbyn warns businesses over 'unfair' pay |
| (about 1 hour later) | |
| Jeremy Corbyn has said that a Labour government could ban companies from paying dividends to shareholders unless they pay workers the living wage. | Jeremy Corbyn has said that a Labour government could ban companies from paying dividends to shareholders unless they pay workers the living wage. |
| He said in a speech that too much profit from economic growth had gone to those at the top of society. | He said in a speech that too much profit from economic growth had gone to those at the top of society. |
| The Labour leader was explaining his strategy to tackle pay inequality and "institutionalise fairness" in Britain. | The Labour leader was explaining his strategy to tackle pay inequality and "institutionalise fairness" in Britain. |
| Business lobby group the CBI said it would not support any move to intervene over dividends. | Business lobby group the CBI said it would not support any move to intervene over dividends. |
| 'Holds back growth' | 'Holds back growth' |
| Addressing a conference in London of left-of-centre think tank the Fabian Society, Mr Corbyn said: "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." | Addressing a conference in London of left-of-centre think tank the Fabian Society, Mr Corbyn said: "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." |
| 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." | 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." |
| Mr Corbyn also suggested 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 also suggested 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 said. | "Too much of the proceeds of growth have accumulated to those at the top," he said. |
| "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." |
| 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 £8.25 an hour and £9.40 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 £8.25 an hour and £9.40 in London. |
| The government has announced a compulsory National Living Wage for people over 25 starting at £7.20 an hour in April this year, with a target of reaching more than £9 an hour by 2020. | |
| Mr Corbyn used his speech to attack the Conservatives, accusing them of "running the state into the ground" for ideological reasons. | Mr Corbyn used his speech 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 said. | "Their concept of fairness is of a very different order to ours," he said. |
| "Fairness for only a few is not fairness, but privilege." | "Fairness for only a few is not fairness, but privilege." |
| Living wages: How does it add up? | Living wages: How does it add up? |
| Mr Corbyn also repeated his promise to renationalise the railways, which he said would bring down fares. | Mr Corbyn also repeated his promise to renationalise the railways, which he said would bring down fares. |
| And he said that the way to cut energy bills for consumers and transition to carbon-free energy was to restore "democratic control" of the energy companies. | And he said that the way to cut energy bills for consumers and transition to carbon-free energy was to restore "democratic control" of the energy companies. |
| 'Difficult process' | 'Difficult process' |
| The speech by Mr Corbyn - who is also addressing the Unite trade union's Scottish conference later - comes after the recent 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 - comes after the recent 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. |
| Mr Corbyn said in his speech: "Our... membership has doubled since that [general election] defeat in May; our party is in a process of regenerating - a difficult process of adjustment for us all at times, but a huge opportunity to breathe life into all sections of the party and draw on the collective wisdom of all." | Mr Corbyn said in his speech: "Our... membership has doubled since that [general election] defeat in May; our party is in a process of regenerating - a difficult process of adjustment for us all at times, but a huge opportunity to breathe life into all sections of the party and draw on the collective wisdom of all." |
| Are you a shareholder, company boss, or do you receive the national minimum wage? What do you think about Mr Corbyn's suggestions to tackle pay inequality? | Are you a shareholder, company boss, or do you receive the national minimum wage? What do you think about Mr Corbyn's suggestions to tackle pay inequality? |
| You can email us haveyoursay@bbc.co.uk with your experiences. | You can email us haveyoursay@bbc.co.uk with your experiences. |
| Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways: | Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways: |
| Or use the form below | Or use the form below |