I am in the exactly the same boat as you. Albeit not a teacher. There is about 15K of a difference in pay between my public sector wage and my mate who left our unit to work in the same job for a private sector bank. I'll never reach his wage as I'm capped about 10k away from it. If I were to look at other posts across the country which are the same as mine, I see that the average salary for this job is around 15k higher than me (private sector). Only reason I'm not on that wage is because I'm public sector. I was once told by one of our HR big wigs that I was to relate it to the Coop and Marks and Spencers, why does a Coop shelf stacker earn less than a M&S shelf stacker? But when I pointed out the end product quality of M&S compared to Coop, and asked if he expected me to work at a lesser standard than private sector seeing as I'm on the lower wage, he soon got the point.
This thread has shown me that the problem doesn't lay with the majority of public sector workers, but with a minority who are abusing it, or perhaps not abusing it, but becoming a 'lifer' as Chesterfield put it. I should point out that even as a 'lifer' your not on wage rises for life, eventually you reach your cap and will only really get cost of living increases which are minimal.
Many folk in Scotland recently got hit by the 'Cosla Job Evaluation Consortium' which I can't even express how much of a joke it was. But the jist of it was that majority got their wage cap reduced even further. And you say that we are exempt from the risky volatility of holding a job in private sector, but that's not the case, when my wage cap was recently reduced I was told sign the new contract and accept or your fired.
I think the upset that most are feeling is that public sector has been targeted to foot the bill, when there are other areas that could be looked at. Look at the nuclear weapons program in place, 200 billion on these new submarines...or the war in Afghanistan. It was mentioned the countries debt increases at £10k a second, well I can bet a good chunk of that is thanks to the cost of running an army abroad with food, fuel, and ammunition.
You might just say, well why not quit and go work private, well I actually really enjoy my job, and I'm sure rtbiscuit does as well. I just wished that the folk up top would some day get a grip and start paying fair wages in relation to the rest of the country, but my prayers were answered in reverse and I've now inherited a 2 year wage freeze. I suppose you should be careful what you wish for!