Pay up.

The assault on the value of pay now means that workers wages represent some 53% of Gross Domestic Product. This compares with 65% in previous generations. If you want a prime cause of the economic meltdown this is a significant factor. The clarity that the fight for pay benefits the economy that was widespread in the leadership of the trade unions in the seventies, has long gone. It needs however to be restored and fast. No more time for rhetoric on this one.

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