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Hospital cleaners outshine bankers in benefits to society Special

By Andy Madden     Dec 15, 2009 in Politics
A recently released think tank study has revealed startling evidence suggesting that hospital cleaners are vastly more valuable to society than bankers.
The study by the New Economics Foundation claims that for every £1 cleaners are paid they create £10 worth of value to society, whereas bankers destroy £7 of social value for every £1 they create.
Taking a new approach into looking at the value of work, the nef report looks at what different professions contribute to society as opposed to what they are paid.
The nef report claims that hospital cleaners "play a vital role in the workings of our healthcare facilities. Not only do they clean hospitals and help maintain standards of hygiene to protect against infection but they also contribute towards wider health outcomes."
With regard to bankers however the report claims that:
"High-earning investment bankers in the City of London are among the best remunerated people in the economy. But the earnings they command and the profits they make come at a huge cost because of the damaging social effects of the City of London’s financial activities. We found that rather than being ‘wealth creators’, these City bankers are being handsomely rewarded for bringing the global financial system to the brink of collapse."
The report by the nef called A Bit Rich demonstrated a consistency suggesting that people in the lowest paid professions contributed significantly more to society than the so-called wealth creators.
Claims made by the report were as follows:
Bankers destroy £7 pound of value to society for every one pound they generate.
Advertising executives destroy £11 of value for every £1 they generate.
And tax accountants destroy a whopping £47 pound of value for every £1 they generate.
Childcare workers, however, create earnings potential by allowing parents to work generating £9.50 worth of benefit to society.
Hospital cleaners not only clean hospitals and maintain hygiene standards but also contribute to wider health outcomes, generating £10 in social value for every £1 earned.
Waste recycling workers were credited with generating £12 of value to society for every one pound they earned.
Susan Steed, co-author of the report, said: "There are no quick wins with regard to salary differences, however in our report we make several recommendations of where the government could start. These include a more progressive taxation system, a national maximum pay differential and radical reforms of the role of the city of London."
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