Left-wing think tank: Wages should be capped by ‘High Pay Commission’

Recently, establishment of a "high pay commission" was called for by 100 politicians, academics and campaigners with the aim of dealing with the gap between rich and poor workers.

A list of public figures has been made by left-wing think tank Compass. The list includes names of those who agree the financial crisis was "significantly caused by greed" and support a review of salaries of top executives.

They compared it to the Low Pay Commission, which was set up in 1997 to advice on the minimum wage.

The list has been signed by Vince Cable, the Liberal Democrat shadow chancellor; Labor MP Dr Jon Cruddas; Brendan Barber, the General Secretary of the Trades Union Congress and Dr Caroline Lucas MEP, the leader of the Green Party.

The statement by the campaign specified: "The crisis we find ourselves in is one significantly caused by greed," the campaign statement reads. The salaries of those at the top raced away while the median wage stagnated. Inequality grew, and an economic crisis ensued."

It continued: "The unjust rewards of a few hundred 'masters of the universe' exacerbated the risks we were all exposed to many times over. In employee earning the minimum wage would have to work for 226 years to get the paypacket a FTSE 100 CEO earns in a year."

They have come up with their decision amidst criticism from both parties about the pay packets of senior bankers.

If in case the government nods its head in 'yes' for a High Pay Commission; it would mark a clear contrast to the attitudes when New Labor was first elected in 1997.