How capitalism is a class society
The FTSE 100 index of the share prices of top companies has just reached an all-time high, 16% up on October 2022. Those top companies paid out about £83 billion in dividends in 2022, and £50.3 bn in share buybacks. MoneyWeek expects "FTSE 100 ordinary dividend payments to keep setting new records in 2023". To get an idea of scale here, the journalist Philip Inman calculates that a 10.1% pay rise across the public sector would cost the government £8.5 billion (if we factor in the government recouping some of the rise through income tax and VAT on workers' spending). Supporters of capitalism...