Today, April Fool’s Day, was headlined by a letter from 100 big business leaders who all agree that Conservative economic policy is good for big business (true) and argue that this means it’s also good for everyone (really?).
Their first proposition is undeniable – several of the signatories have annual incomes from £5-10 million and at least one, was paid over £15 million. They claim that higher taxes on the rich would make it harder for business to prosper and that that’s bad for everyone.
However, there’s no evidence that the so-called ‘trickle down’ theory (vast incomes at the top leads to increased income all round) is true. On the contrary, vast income at the top closely correlates with depressed incomes at the bottom.
Less self-serving business people than these 100 have argued that the culture of executive greed – and the public contempt that it engenders – threatens the long-term sustainability of capitalism. That’s far more credible than this April Fools’ joke.