The minimum wage was 10 years old earlier this year and fantastic though the concept is, the minimum wage is still too low (it is tough trying to live on £5.73 an hour, especially if you have others to support) and we now need to tackle the fat cats with a maximum wage.
While trying to live on £230 per week before tax, assuming that you can get a 40 hour per week job, is difficult, earning more than, say £2300 per week, is simply unnecessary. If £5.73 translates to between £10k and £12k depending on hours and conditions, if the national average wage was £479 in 2008, the gender gap in pay widened in 2008 to 12.8%, and there are £2.4 million people unemployed, is there any rationale for people to continue to earn more than, say, £2300 each week (£120k p.a.)?
The country needs to tackle the super rich. Not only is their income unnecessary but it drives excessive consumption. Fears about a brain drain are simply unfounded, just as fears about the minimum wage were 30 years ago. The smaller the gap between rick and poor, i.e. the more equal a society is, the better the outcomes for health and happiness. The 'brain drain' is likely to be balanced by having a good place to live and if someone wants to earn more than £1m every 8 years rather than live in the UK, then they can leave!
I think that the minimum wage should be increased to £7 per hour and that initially the maximum wage should be set at 10 times the minimum. This would give wage ranges from £15k to £150k. Life would still be hard at the lowest wage and still be excessive at the top but at least the gap would start to close.