Short Changed By The Banks

The London living wage, the pay level calculated by the Greater London Authority as being the minimum on which people in the city can have a decent life is currently £9.15 an hour. But the snag is that it's entirely voluntary. Anyone who lives and works in London will tell you that £9.15 an hour does not go far. 'Pressure is building for it to be mandatory. That demand would ease if the living wage had been embraced wholeheartedly, but it hasn't been. Among the worst offenders are the banks. Of the 240 members of the British Bankers' Association, only a small fraction have signed up to the wage.' (Independent, 9 November) This is typical of how capitalism works. High ranking banking executive enjoy bloated incomes, moan about caps on their bonuses yet won't even pay their cleaners and support staff the pittance of £9.15 an hour. RD