Category Archives: Banks

Why IS Labour backing banker bonuses so the children starve?

Shadow Chancellor Rachel Reeves’s decision that a Labour government will not reinstate a cap on bankers’ bonuses has stirred up a storm of opposition among left-wing organisations – and voters.

The cap limits yearly bonus payouts for bankers to twice their salary; it was introduced by the EU in 2014 when it was intended to prevent excessive risk-taking after the global financial crash of 2008.

Kwasi Kwarteng scrapped it in his 2022 mini-budget – sparking widespread outrage for rewarding bankers during a cost-of-living crisis and growing levels of poverty in Britain.

But Rishi Sunak maintained the policy, bringing it into force in October 2023.

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Talking to the BBC on January 31, Reeves said: “The cap on bankers’ bonuses was brought in in the aftermath of the global financial crisis and that was the right thing to do to rebuild the public finances.

“But that has gone now, and we don’t have any intention of bringing that back. And as chancellor of the exchequer, I would want to be a champion of a successful and thriving financial services industry in the UK.”

“Successful and thriving”? Or “Excessively risk-taking”? The latter seems more likely to This Writer and it seems Reeves and Labour leader Keir Starmer are deliberately planning to repeat New Labour’s worst mistakes.

That certainly seems to be the feeling among left-wing organisations and individuals, according to Left Foot Forward:

Labour’s grassroots left-wing organisation, Momentum, described it as a “terrible decision,” which is “totally out of touch with Labour’s values and public opinion.”

“For over 40 years our economic model has sucked wealth from the country and enriched a few in the City.

“It even crashed the economy in 2008. Yet instead of learning the lessons from New Labour’s failures, Starmer and Reeves seem determined to repeat them.”

The Peace & Justice Project, founded by the former Labour leader Jeremy Corbyn, said:

“Labour’s latest U-turn, the refusal to reinstate the cap on bankers’ bonuses, shows it is unwilling to challenge the establishment status quo…”

In a post on X, Corbyn asked: “Where is the justification for letting the rich get richer while children starve and people sleep rough on the streets?

“We cannot afford these obscene levels of inequality. It’s our job to offer a real alternative – one that puts human need before corporate greed.”

On the social media, I found this:

And “MrsGee” posted on ‘X’: “What about ‘uncertainty’ in peoples lives, in a profiteer-driven cost of living crisis @LabourSJ? What about millions of children in poverty, families unable to afford to eat & heat their homes? You want them to continue to suffer when you could help with a wealth tax? Poor show.”

Labour’s inconsistency in boosting bankers while pushing families into poverty by keeping the two-child cap on child benefit was also widely pilloried:

Apparently a Labour spokesperson said, “We are not in the business of telling business what to do about pay and conditions.”

But this is nonsense. Telling businesses what to do about pay and conditions is precisely what governments – or in this case, possible governments-in-waiting – should be doing.

Source: Labour to back bankers’ bonuses: How the Left responded – Left Foot Forward: Leading the UK’s progressive debate


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​Tory minister quit as he ‘couldn’t afford mortgage hike’. How does he think WE feel?

George Freeman MP: has it not occurred to him that, if he can’t make ends meet because of high mortgage interest rates, people on lower pay might be in an even worse situation?

Can anything demonstrate how out-of-touch the Tories in government are, as well as this?

A senior Tory MP has admitted resigning from Government because he couldn’t afford a hike in his mortgage payments on his £118,000 salary.

George Freeman quit as Science Minister in November saying “the time has come for me to focus on my health, family wellbeing and life beyond the frontbench”. But writing on his blog just days ago he complained that his monthly mortgage repayments had more than doubled.

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Millions of people have been hit with higher mortgage costs after the economic carnage caused by Liz Truss’s mini-Budget sent interest rates soaring. Around 1.6 million homeowners are due to come off fixed-rate deals this year and face considerable hikes in their monthly repayments.

From what form of insanity are Tories like Freeman suffering?

They know their policies – intentionally or not – pushed interest rates through the roof, and that included interest on mortgages.

So they knew that people were going to be paying more – including, if they had mortgages, them.

If they can’t shoulder the extra burden on a ministerial salary of more than £100,000, how do they expect people on average pay of around £30,000 to cope?

Now that Freeman has felt the pinch, though, one might hope that he would have used his position to lobby for more to be done to help mortgage-holders cope.

Alas, no. Freeman has simply cleared off to the back benches – and possibly to a second, third, fourth (or whatever) job, which he maytake because he can. The rest of us don’t have the same options.

We have to conclude that MPs like Freeman just don’t care – and we need to remember that when the next election comes around.

Source: ​Tory MP quit as minister as he ‘couldn’t afford mortgage hike on £118,000 salary’ – Mirror Online


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British Gas boss gets £1.6m bonus. Whoever said ‘the wages of sin are death’ was wrong

Money to burn: British Gas.

Why is a utility provider making a 1,000 per cent increase in profits?

It’s inflationary, it’s impoverishing customers… it should be illegal.

No firm of this kind should make profits above a certain – very low – percentage. A huge increase indicates a fault in the company’s pricing system – probably fuelled by greed and opportunism.

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This creep should be in prison, not in clover.


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If rich people can profit from huge crises, why can’t the rest of us?

House prices: they’re high, despite interest rates also being high, because rich people have been given huge amounts of money by the UK’s Tory government. They’re using it to buy assets.

Gary Stevenson’s latest video discusses the reasons for house prices staying high even though interest rates have been high also. TL:DR – It’s because rich people have lots of cash to splash around.

The question raised in This Writer’s mind is: if rich people can take advantage of the crises we’ve suffered over the last few years to get richer, how can the rest of us manipulate events to make ourselves richer too?

There has to be a way, don’t you think?

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Here’s the video:


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Politicians are hell-bent on pushing us to fascism. Let Gary explain how to stop it.

After a six month hiatus, Gary Stevenson is back with a video clip discussing what has happened in the UK during that period. And it isn’t good.

Inflation is down. He explains why the Tories should take no credit for it.

Interest rates will start to fall, following inflation.

House prices, after rising during the Covid crisis, have not come down again – and Gary explains that this is because the rich have accumulated an enormous amount of money over the period since early 2020. They have used it to buy houses without mortgages, which is why prices have not fallen. And with high interest rates, their savings accounts are growing massively.

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As interest rates fall, rich people will invest their savings in buying houses, and this means prices will rise again.

Living standards have fallen with the rapid rise of inequality that came with the transfer of huge amounts of cash to the rich. Rents, the price of goods and the price of holidays will also increase. Young people will be very strongly harmed by these developments.

With living standards falling, and no political party in the UK serious about reducing inequality, people will be dissatisfied – whichever party is in office. People will want an alternative, and the populist far right is poised to promise them anything they want. This is why it is so terrifying that the Tory with the safest seat is Kemi Badenoch.

This risk is increased by the fact that the economy is failing – no matter what Rishi Sunak and his spokespeople say.

An accelerated shift towards fascism is inevitable unless a positive alternative can be presented.

Increasing equality will improve living standards and stave off the fall into fascism.

The challenge for us now is to encourage public opinion to support such measures.


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Interest rates stay high so you’ll carry on paying more for less

The Bank of England: it’s keeping prices high.

Any questions?

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Is this the shady reason Rishi Sunak was installed as the UK’s prime minister?

Rishi Sunak: was he made UK prime minister to get rid of hard cash and replace it with a digital currency that he could control?

Was Rishi Sunak made UK prime minister so he could change the way we use money – for the worse?

Central Bank Digital Currency is a form of digital money which will apparently usher in the UK as a cashless society.

The drawback for users like you and me is that it seems likely the government and/or the bank will be able to control what we buy, or whether we can buy anything at all.

Here’s This Site’s long-term colleague, Sonia Paulton, to explain:

Isn’t it strange that the Tories present themselves as the Party of Choice but all they do is take away our ability to make decisions for ourselves?

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So: what do you think?

Do you want your money to be controlled by Rishi Sunak and his cronies?


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Jonathan Pie on rising destitution, and rising bankers’ bonuses. It’s harsh!

Where is all the money going? Into the pockets of bankers, apparently.

You will of course recall This Site’s article on research by the Joseph Rowntree Foundation, showing the shocking rise in destitution in the UK.

Jonathan Pie has linked it to the government’s decision to un-cap bankers’ bonuses – and the result is hard-hitting.

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Is it funny? Probably not.

But it is true.


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These new inflation figures should be awkward for the Tories

Inflation has dropped to 6.8 per cent – but this is not an endorsement of Conservative government policy.

The Tories have spent months claiming that they cannot pay the money they deserve to public sector workers (including the junior doctors who were on strike over the weekend) because it would worse inflation – but today’s fall comes alongside an increase in average pay.

Looking at the small print, we see that none of this pay rise has gone to people who actually need it; instead it has further fattened the bloated bank accounts of high-paid company executives and other friends of the Conservative government.

But that doesn’t matter; wages have increased and inflation still came down. The Tory lie has been exposed as – in the language of Peter Stefanovic – bollocks:

The clip includes a few other interesting take-outs:

Workers in the UK are £11,000 a year worse-off.

2022 was the worst year for wage growth in almost half a century.

Average real wages in the UK will still be lower in 2026 than they were in 2008.

So it is impossible for public sector wages – or any other wages paid to employees – to have had anything to do with inflation figures.

In fact, according to the extremely non-socialist International Monetary Fund, the largest contributor to Europe’s inflation over the past two years was rising corporate profits cause by companies increasing their prices by more than the costs of imported energy. Look at your own energy bill over the past few years and compare the increases with the costs of energy and you will see the factual accuracy in this.

Increases in private sector wages may increase the price of goods – because companies would factor those rises into their prices.

There is evidence of this in the new figures: strip away the cuts in energy and food costs and core inflation is one per cent higher.

But that doesn’t happen in the public sector where, for example, healthcare is free at the point of use.

And the public sector labour force is only 17 per cent of the total workforce, meaning its pay increases have a lower effect than anything happening with the 83 per cent in the private sector.

Of course, prices are still increasing, meaning that people will blame that on increasing wages and demand another interest rate rise from the Bank of England to curb spending by the little people (you and me, as opposed to the big bosses who have actually received the pay boosts).

I struggle to grasp the point of such a move as it is more likely to cause a recession than stabilise the economy. The precipitous rise in interest rates set by the Bank has not affected inflation at all, and conventional wisdom suggests we will not see the result until 18 months after the first one was imposed. With inflation already coming down of its own accord – as was widely predicted by people like economist Richard Murphy – this could be disastrous.

So when the Tories come out with outrageous nonsense like this…

… I am glad to see responses that put it into the proper perspective, like this:

Sadly, the message is unlikely to get through to the general public, thanks to the biased priorities of our right-wing social media platforms. Look at the number of views the Tory propaganda has received, in comparison with those collected by Clare’s response.

Finally: at least someone out there can laugh about it. Read this:

Sadly for the story, even though the Royals are technically working in the public sector, they are right at the top of it, so their pay rise comes in as equivalent to those of the fatcat company execs.

Still, I don’t see anyone talking about the inflationary effect of this massive increase, so it adds to the evidence that public sector pay does not affect inflation and the Tories have been feeding us bullsh*t since the public sector strikes started, if not before.

Try to remember this amid the barrage of inadequate and misleading reporting by the BBC and the rest of the Tory media.


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