As the High Pay Centre closes after fifteen years, this essay argues that economic democracy, worker voice and corporate accountability must be central to any new economic settlement.
Fifteen years after the High Pay Centre was founded in the aftermath of the financial crisis, Britain is once again debating what kind of economic model it wants. The arrival of a new Prime Minister, promising a break from the status quo and a reversal of 40 years of neoliberlism, has reopened questions about how prosperity is created, how power is distributed and what responsibilities businesses should have to the people and communities that depend on them.
Published as the High Pay Centre concludes its work, this essay argues that these questions cannot be answered without confronting the structures of power and ownership that shape the economy. Over the past fifteen years, issues such as excessive executive pay, weak worker voice, shareholder primacy and corporate accountability have often been treated as discrete policy concerns. In reality, they are symptoms of a deeper imbalance in the way economic power is exercised and rewarded.
Drawing on the themes that have defined the High Pay Centre’s work since its foundation, the essay explores the case for a more democratic economy based on shared prosperity, accountability and participation. It argues that strengthening employment rights, reforming corporate governance and expanding worker influence over workplace decision-making should be seen not as separate reforms, but as part of a broader effort to create an economy that distributes both power and reward more fairly.
As debates about Britain’s future economic model gather pace, this essay reflects on the lessons of the past fifteen years while making the case that economic democracy must be central to whatever comes next. The proposals set out in this essay, from strengthening worker voice to reforming corporate governance, provide a basis for the legislative changes needed to create a fairer and more accountable business environment.