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In his letter about higher wages to HGV managers as a risk for inflation, says Phillip Oppenheim (September 29) seems to be a firm believer in market forces: he claims that no single salary will make some people work for care or hospitality, and that only productivity increases justify salary increases.
As former Secretary of State for the Treasury (1996-1997), he should have more knowledge than most people about the 2008 financial crisis, during which the payment of senior bank managers or their bonuses was not reduced or canceled, even if their banks had to taken over by the government. Some market forces seem to be more market driven than others.
London N1, UK