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This kind of gross inequality benefits no one, it contributes to the worst off remaining the worst off and it corrupts the wealthiest too. People in the middle get conned into thinking that they have more in common with those at the top and so support the status quo, when in truth they are far, far closer to those at the bottom. This kind of inequality corrodes societies and leads to nothing but unhappiness.
When it comes to Labour's acceptance of the current economic system, there was an interesting programme on Radio 4 about five years ago, which I am surprised didn't get greater publicity.
It discussed EU enlargement in 2004 and from recollection featured Charles Clarke and Alan Johnson. In it they admitted that part of the reason for allowing earlier entry for Eastern European workers than countries like Germany was to gain a competitive advantage by driving down wages.