No Banker is an Island - One Society Media ReleaseSubmitted by Kathryn Busby on 9 December 2009 One Society Media Release – 9 December 2009 No Banker is an IslandOne Society campaign’s response to the Pre-Budget Report One Society – the newly formed campaign to reduce income inequality – believes the Chancellor has missed a trick when explaining his decision to tax bank bonuses. There is a clear self-interest reason for bankers not to fuel greater income inequality: they can never truly shield themselves from the negative effects it causes. As Malcolm Clark, Campaign Director of One Society, explains: “The message that Alistair Darling should be sending to the City is not just that windfall profits should be fairly taxed, but that it is in bankers’ interests to do so.” “Bankers are not islands. No matter how much money they have, they still have to deal with (or are inconvenienced by having to avoid) the same challenges and problems in society that we all face. Yet the huge salaries and bonuses they receive – and the beauty-contest ‘I'm worth it’ factor that perpetuates these levels – actually make the situation worse. Bankers, along with the rest of us, struggle to keep up and suffer as a result.” “As Richard Wilkinson and Kate Pickett's book The Spirit Level makes clear, the negative effects of income inequality are not confined to the poor. The well-off find their health and quality of life directly impacted, and also experience the costs of living in a less cohesive society.” “As the research points out, the vast majority of the population do better in more equal societies. People with good incomes will be likely to live longer, enjoy better health, and will be less likely to suffer violence than those in a more unequal society. Although the benefits of greater equality are bigger lower down the social ladder, they are still apparent even among the well-off; the majority of bankers included.” “The policy implications – that we should be looking at ways of more fairly sharing the responsibilities of being in ‘one society’ – are far-reaching. There is more to be done than simply a one-off bonus tax here, and a nod to progressive taxation (on NI contributions) there. But even with the limited measures announced today, there is more to commend them that just fairness. The other clear rationale that Alistair Darling should have been selling in his PBR today: it is in all our interests to reduce income inequality.” Notes to editors: 1. One Society is a new campaign, set up in association with The Equality Trust, to highlight the negative effects of income inequality, showcase research and policy solutions, and bring together people and organisations in support of a more equal society. 2. One Society believes that a larger divide, in wealth and power, between those at the very top and the rest of society is damaging to national well being. More equal societies work better for everyone; not just those at the bottom but right the way up: we all benefit. 3. One Society will officially launch its campaigning activity in January 2010 and will focus on making the issue of income inequality – and practical proposals to reduce it – an election issue. In the meantime, comment and developments are available via the campaign’s twitter feed: @One_Society and website www.onesociety.org.uk 4. Compelling evidence shows that large income inequalities within societies damage the social fabric and quality of life for everyone. The evidence is published in Richard Wilkinson & Kate Pickett's book The Spirit Level: Why More Equal Societies Almost Always Do Better (Allen Lane, 2009) Media Contacts: Malcolm Clark, campaign director of One Society, can be contacted on (t) 020 7922 7921 (m) 07733322148, by email malcolm@onesociety.org.uk or via Twitter @One_Society Richard Wilkinson and Kate Pickett, authors of The Spirit Level, are also available for comment and interview. To arrange please contact The Equality Trust – 020 7922 7927 / kathryn.busby@equalitytrust.org.uk Malcolm Clark |
11 March 2010
10 March 2010
5 March 2010
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