All People subcategories:
Tory figures keywords:
Bankers: The new untouchables?
THE BANKERS' astronomical pay just won't go away, however much the Con-Dems wish it would. George Osborne asked the banks (nicely) to tell him how many of their staff earned over £1 million a year (remember: the UK average wage is £26,000). They squirmed and said no - it might increase pay demands (!), lead to competitive disadvantage etc, etc.
According to the Times business editor: "The Chancellor appears to have swallowed the banks' line. Or perhaps he wants to bury the evidence that all efforts to curb bonuses have had little effect." British banks' half-hearted attempts to agree to rein in bonuses were scuppered by Standard Chartered's decision to pull out of the negotiations.
The banks are embarrassed. Investment arms of Barclays and RBS haven't done that well this year (all together now: A-a-a-a-h!). Barclays Capital has actually taken more staff on this year - 2,300 to be precise - so their overall bonus tally might be even bigger than last year! By the way, does this mean a new investment bubble is under way?
The final straw was Standard Chartered. George Osborne was trying to restrict bonuses to one-year deals only. Standard Chartered is considering leaving the UK anyway for sunnier climes like Hong Kong and Singapore where multi-year bonuses are typical for 'star' bankers, so it abandoned negotiations.
The Con-Dem government desperately want a face-saver so they can show 'we're all in it together'. But the bankers won't help the government off the hook and the government won't dare lay a finger on the bankers - the new untouchables.
5 Aug NHS pay: 15% for all now
20 Nov Socialism 2020
Phone our national office on 020 8988 8777
Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206
Regional Socialist Party organisers:
Eastern: 079 8202 1969
East Mids: 077 3797 8057
London: 075 4018 9052
North East: 078 4114 4890
North West 079 5437 6096
South West: 077 5979 6478
Southern: 078 3368 1910
Wales: 079 3539 1947
West Mids: 024 7655 5620
Yorkshire: 077 0671 0041