Corbyn wants pay caps

The Guardian reports:

Jeremy Corbyn has promised Labour would introduce a maximum wage for executives at companies with government contracts, but backed away from proposing the nationwide pay cap he had mooted hours earlier in broadcast interviews.

Kicking off a long-planned relaunch, the Labour leader said companies would have to stop executives earning more than 20 times the wage of their lowest paid worker if they wanted to bid for public sector work, which he calculated would set a salary limit at about £350,000.

But the pledge, made in an afternoon speech, did not go as far as Corbyn had in morning interviews where he said he would like there to be ““some kind of high earnings cap, quite honestly” and suggested it could cover star footballers as well as highly paid CEOs.

If only some other country had tried this – having the Government set the pay rates of all employees, so no one is too unequal.

Wasn’t there some country that did try this? It was quite well known up until around 1990. Had an abbreviation.