Rowen Supports Campaign for High Pay Commission
Rochdale MP Paul Rowen has signed up to support calls for the Government to establish a High Pay Commission to curb excessive pay.
The campaign is being co-ordinated by Compass alongside Brendan Barber (General Secretary, TUC), Jon Cruddas (Labour MP for Dagenham) and Vince Cable (Lib Dem Shadow Chancellor).
In 1997 a 'Low Pay Commission' was set up to advise on the implementation of the Minimum Wage - a policy which has ensured greater fairness and economic stability. The idea behind a High Pay Commission would be to review top pay and look at measures to ensure excessive pay can't damage the economy again.
Mr Rowen joins over 100 high profile politicians, economists, academics, writers, bloggers campaigners, trade unionists and journalists that have offered their backing to a High Pay Commission.
Paul Rowen said: "We need to get to grips with the growing disparity of pay in the UK and it's time the government took action on excessive pay. Since 1997, the Government has sat and watched as out of control rewards fuelled excessive risk taking that has left us in the economic situation we find ourselves in. With unemployment now at its highest figure since 1996, now is the time to act. It's absolutely right that we reign in the bonus bandits that helped to create the economic crises.
Mr Rowen added: "The facts speak loud and clear: an employee working a 40 hour week earning the minimum wage would have to work for around 226 years to receive the same remuneration as a FTSE 100 CEO does in one year. There is no justification for massive pay and bonus awards in financial institutions, especially those that have been bailed out by the tax payer. Transparency and tax are important but a High Pay Commission looking at both equity and economic aspects are a welcome suggestion too, which is why I am supporting the campaign."