"is also significantly higher than the amount you would expect to earn on the minimum wage (£5.80 an hour)."
People can live on very little - if they have to...
Perhaps the current 'we all share the pain' agenda, will make people think about what they really 'need' - but it also has to take a closer look at the gaps between 'minimum', 'average' and 'top'.
I recently heard the current boss of the BBC who is paid (earns???) £600+k failing to defend his pay convincingly. His main defence was 'things have changed' and 'I'm quite sure the next person won't be paid more than £500k'...
Two curious things about the Government's current economic 'forecast'.
1) House prices are expected to rise 30% in the next 5 years - even though a) pay is unlikely to rise much b) people are finding it harder to buy their first house and (some) finding it impossible to keep paying the mortgage, c) inflated house prices were one contributor to the recent 'crisis'.
2) There is an expectation that all the jobs 'lost' in the public sector will be replaced by ones in the private sector (with little increase in unemployment).
In both case 'experts' (who don't work for the Government) seem to think such optimism is unjustified.