The Mayor should introduce pay ratios across all city-funded organisations. No public sector employee should earn more than ten times another. No public money should be spent where the pay ratio between boss and worker is more then 10 to one. The Mayor should: challenge the private sector to reduce high pay and obscene bonuses; lobby for powers to introduce wealth taxes – as part of reforming council tax; rebalance London’s economy away from finance and banking. Build on the furlough scheme to explore options for Universal Basic Incomes for Londoners.
Produced before the pandemic, this My Fair London briefing sets out how the structure of our economy is set up to create inequality, how British society became so unequal, and what we think should be done about it.
To learn more about the runaway inequality of London's super-rich watch our recent public meeting with Rowland Atkinson, author of the new book 'Alpha City: how London was captured by the super-rich.
Read our Conversation with Larry Elliot, The Guardian's Economics Editor . You can also head to this piece to learn more about new economic models or read our post about the Mayor's Good Work Standard.
Read all the Agenda points
• Fair economy: fair pay, fair taxes, fair incomes, fair rewards