> Average total pay, including bonuses, grew by 0.4 per cent in real terms. But when bonuses were stripped out, average regular pay fell by 2.2 per cent.
> Bonuses in the financial and insurance sector grew by 27.9 per cent over the last year, while average wages in the same period grew by just 4.2 per cent. A whopping £6bn was paid out in City bonuses in March alone.
> Last month a report by the Institute for Fiscal Studies found that the top one per cent of highest paid workers were beginning to pull further away from the rest of the UK workforce, with pay inequality levels worsening.
> Sunak decided to cut from eight to three per cent the surcharge levied on banking profits over £25m from next year. The latest Office for Budget Responsibility (OBR) stats show that change amounts to a £7.3bn giveaway to the banks over four years.
> Hyperbole aside, a new tax on bank profits could prove as popular as a windfall tax on north sea oil firms. After all, Margaret Thatcher did just that in 1981, slapping a 2.5 per cent levy on their profits because they appeared be escaping the pain of the recession.
> At the very least, Boris Johnson could show he shares voters’ pain by calling on banks to show the the same “restraint” on bonuses that he’s demanding (much less wealthy) public and private sector workers show in their wages demands. Last week, he vowed to show the public “we’re on your side”, but right now he looks like he’s on the side of the bankers.
Don’t forget to prune the Magic Money Tree in the Cayman Isles.
Who the fuck are ‘bankers’? Are they like the bogeymen under the bed?
3 comments
Some highlights:
> Average total pay, including bonuses, grew by 0.4 per cent in real terms. But when bonuses were stripped out, average regular pay fell by 2.2 per cent.
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/averageweeklyearningsingreatbritain/june2022
> Bonuses in the financial and insurance sector grew by 27.9 per cent over the last year, while average wages in the same period grew by just 4.2 per cent. A whopping £6bn was paid out in City bonuses in March alone.
> Last month a report by the Institute for Fiscal Studies found that the top one per cent of highest paid workers were beginning to pull further away from the rest of the UK workforce, with pay inequality levels worsening.
https://ifs.org.uk/publications/16042
> Sunak decided to cut from eight to three per cent the surcharge levied on banking profits over £25m from next year. The latest Office for Budget Responsibility (OBR) stats show that change amounts to a £7.3bn giveaway to the banks over four years.
https://inews.co.uk/news/politics/windfall-tax-what-meaning-explained-how-work-uk-rishi-sunak-announcement-1651800?ico=in-line_link
> Hyperbole aside, a new tax on bank profits could prove as popular as a windfall tax on north sea oil firms. After all, Margaret Thatcher did just that in 1981, slapping a 2.5 per cent levy on their profits because they appeared be escaping the pain of the recession.
> At the very least, Boris Johnson could show he shares voters’ pain by calling on banks to show the the same “restraint” on bonuses that he’s demanding (much less wealthy) public and private sector workers show in their wages demands. Last week, he vowed to show the public “we’re on your side”, but right now he looks like he’s on the side of the bankers.
Don’t forget to prune the Magic Money Tree in the Cayman Isles.
Who the fuck are ‘bankers’? Are they like the bogeymen under the bed?