MIKE TAYLOR discusses income inequality and then mentions local government and public servants in his criticisms (HAS, Sept 12).
I am puzzled why he and other writers in Hear All Sides never mention the private sector.
Bankers and heads of FT100 companies have salaries many times greater than those in public service, and have seen their income rise by at least ten per cent each year for many years, far outstripping rises for the rest of the population.
Bankers’ bonuses of £1m are a regular occurrence, money which could have gone to the customers or the shareholders.
It was recently stated that some 30 years ago, 80 per cent of profits went to the shareholders and 20 per cent in staff bonuses to the top staff. The figures are reversed now apparently. How can this be justified?
Lord Adair Turner, head of the FCA, recently stated that much of investment banks’ activities were of no benefit to anyone except those receiving the bonuses, and certainly of no benefit to the country as a whole.
Eric Gendle, Nunthorpe
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