There is a minimum wage which is necessary for living. We believe there should be a MAXIMUM income, beyond which money is of more benefit to public purse than individual. Create a 'soft maximum wage' by introducing a 95% tax rate on income over £250,000. Was 99.25% after WW2 so has precedent.
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1hr of one person's life on minimum wage should not be "worth" thousands of times less than the value of 1hr of another human's life. All lives are sacred, and people can't "take it with us" when we leave. This change would still allow generous monetary incentives for people with drive to study hard & work hard, as they could still earn over 12.65X full-time work at minimum wage (40 hrs a week at £9.50, the rate from 1 April) before even being affected, with no hard cap stopping them earning considerably more beyond that.