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In your scenario none of them would have any personal motivation to fix it; in mine they would - though I accept that the likely consequence of implementing my scenario would be that few millionaires would stand for election. Which I’m prepared to sacrifice for what I perceive would be a greater...

You don't have to be a Trot to believe there's real merit in your second idea. I'm nowhere close to being a Trot (somewhat right of centre fiscally, somewhat left of centre socially) and I think it's a good idea.