Tag Archives: bonus

Kwarteng is in a hole – and he’s STILL digging out unpopular policies!

Amazing.

Having realised his decision to cut the 45p tax rate was unpopular, Kwasi Kwarteng has reversed it (alongside his prime minister, Liz Truss). He will also bring forward his budget from November 23 to this month, to address concerns that it is unfunded and unviable.

But then he ruined it all by announcing new policies that are going to send voters running to other parties. They include:

£18 billion of cuts to public services – the amount that would be raised by a rise in Corporation Tax – and this is just the start.

A real-terms cut in benefits (yet to be announced but understood to be on the way).

And he’s still:

Removing the cap on bankers’ bonuses.

Cancelling the rise in Corporation Tax.

Here’s more in-depth information:

Bear in mind what Phil Moorhouse says about the reason the Tories shaft poor people: because they don’t vote in great enough numbers to harm Conservative electoral chances. It’s only when their cruelty seems likely to affect middle-class voters (like when many of them claimed Universal Credit during Covid-19 lockdown) that they make political – not economic – decisions that are intended to placate those voters.

This is the reason Tory MPs are developing a social conscience in the face of Truss’s – and Kwarteng’s – policies; they don’t want to upset their voters.

So if you’re a benefit claimant who has been shafted by Kwarteng and his bandits time and again – but you don’t vote – I have to ask: why do you have such a death wish?

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Tory MP forced to admit loss of bankers to EU is because of Brexit

A Tory MP, trying to defend Liz Truss lifting the cap on bankers’ bonuses by saying the UK needs to stop them defecting to the EU, was forced to admit that bankers are only going there because of Brexit.

It’s a huge foot-in-mouth moment because Truss is currently a huge Brexiteer (she used to be a Remainer but it seems she’ll support anything if she thinks it’s good for her career) and the decision to leave the EU is not to be questioned on any level.

And it is also true; lifting the bonus cap won’t keep bankers from going to the European Union if that is where their job takes them, due to political decisions.

Here’s Maximilien Robespierre:

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Will Liz Truss’s new policies appeal to target voters? Probably not!

The bank holiday weekend may be over, but this article is being produced in the period before everybody goes back to work – so I’m still putting up material that has interested me – and I hope it interests you. Make of it what you will:

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Bankers’ bonuses restored while your pay plummets. Did the mass media even report this?

Have you seen this on the mainstream news… anywhere?

It seems the Tory government has taken advantage of its new Brexit-given freedoms to lift a cap on bankers’ bonuses.

It’s being touted as part of a drive to return the UK to economic growth – but in reality it is nothing of the sort.

Bankers are paid a fortune already and don’t need the cash. Therefore they won’t spend it into the economy – they’ll stash it away somewhere and it won’t do anything to restore economic growth.

Also, the Bank of England has been advocating pay restraint for the rest of us – in the face of double-figure inflation – because it says pay rises in line with inflation will cause even more inflation.

Do you get the impression these people are talking out of their collective rear ends?

If a government wants to get its economy going, it has to pay money to the poorest people in the country – because they need it, and they’ll spend it. The cash will go through more hands, if it starts at the lowest level, before being taxed out of the system – and this means it will create the greatest boost to the economy, adding value with every exchange.

What’s happening here will harm the UK economy. See if I’m wrong.

Here’s the clip that inspired this article:

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£1 million in bonuses for DWP bosses who cut benefits and ramped up poverty


Tories rely on selfishness for their power – and this story seems to show that they have a point.

Bosses at the Department for Work and Pensions have pocketed £1 million in bonuses for imposing a system that has plunged the most vulnerable people in the UK into poverty, despair and in many cases suicide.

What do they care? They’ve made a pretty penny from it!

The Tory reward for cruelty means the number of people in poverty totals 22 per cent of the population. In 2017 – three years ago – that number was 14 million.

Current figures show four million children to be in poverty now.

Who knows how many are destitute now?

Just don’t expect any sympthy from DWP bosses. They’re laughing all the way to the bank.

Source: Outcry over £1m bonus for DWP bosses who cut benefits causing poverty – Daily Record

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Corbyn humiliates Johnson over Greggs bonus – that might as well be a donation to the government

Remember the £300 bonus Greggs bakery was offering to staff?

The one that Ally Fogg on Twitter said might as well be a £7 million donation to the Treasury because most employees are on Universal Credit and the system will claw back the cash?

Jeremy Corbyn does.

Having researched the issue, he has worked out that most workers will retain only £75 – a quarter of the bonus. The rest will go to the Treasury.

So he took Boris Johnson to task over it in Prime Minister’s Questions on January 22:

All he got back – all we got – was more bluster and bumbling from an amateur politician who doesn’t know what he’s talking about.

It’s clear that the only people taking home more of our workers’ pay are in the Tory government.

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Is Greggs £300 staff bonus actually a donation to the Tory government?

Loadsamoney: Greggs is giving around £7 million to the government – indirectly, as the £300 per-employee bonus will be taken from their Universal Credit claims.

On the face of it, this looked like a pleasant display of solidarity with hard-working staff – but it seems they won’t actually be any better-off.

Bakery chain Gregg has announced a £300 bonus for thousands of staff members – their share of a £7 million total resulting from a “phenomenal year” for the company.

There’s just one problem: most of these people are on Universal Credit and any bonuses they receive will be subtracted from their benefit payments in the future.

That’s the word from Twitter user Ally Fogg, anyway. In a tweet that has, itself, proved phenomenally popular, this person stated [boldings mine]:

“Just asked my Greggs inside informant if everyone is chuffed about their ~£300 bonus?

“‘Not really. Most of us are on Universal Credit. We’ll get the bonus end of Jan & it will be taken out of our UC payments in March. They’ve basically just handed £7m back to the govt.'”

So we see that Universal Credit is a poverty trap.

The Tories have succeeded in keeping minimum wages lower than the minimum that people need – in reality – in order to pay all their bills.

This means people on minimum wages – like the majority of Greggs employees – must claim state benefits, and the state benefit at the moment is Universal Credit.

UC automatically adjusts the amount of benefit people receive according to any changes in their income – in real time. So a £300 bonus would wipe out a working claimant’s benefit payments for a period of time.

And the money would stay in the Treasury. The employees won’t see any extra cash at all.

Ally Fogg went on to lay no blame on Greggs:

“I’m not criticising Greggs. They’re trying to do the right thing. Problems are 1/ Service sector wages are so dismally low that the govt (or taxpayers) are effectively subsidising employers to enable them to pay starvation wages, and 2/ UC is a chaotic, counterproductive mess.”

But obviously something needs to change if companies really want to give their staff a boost. Does anybody have any suggestions?

Source: Greggs staff to get £300 bonus after ‘phenomenal year’ – BBC News

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Tories axe £10 Christmas bonus for people on Universal Credit

[Image: Max Albedo.]

The spite of the Tory rich knows no limits.

Even in the so-called Season of Goodwill, they delight in hurting others.

Let’s be honest, the £10 Christmas bonus for benefit claimants isn’t anything like the boost it was when it was introduced in 1972 or thereabouts – but it was still a valuable piece of public relations for our penny-pinching, privileged government of the wealthy.

Not any more, it seems. The Department for Work and Pensions has confirmed that the bonus is not being paid to anybody claiming Universal Credit.

Notice that no announcement was made; claimants had to find out for themselves.

But now the news is spreading, courtesy of the Twitterati:

With the Tory government teetering on the brink of oblivion due to prime minister Theresa May’s recklessness over Brexit, this could be a disastrous miscalculation – an act of selfishness affecting millions of people.

Spread the word.

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Carillion protected bosses’ bonuses before running into financial crisis

Bonuses: Carillion is under pressure to recoup some of the millions of pounds shelled out to former chief exec Richard Howson (pictured) and ex-finance chief Richard Adam.

What an astonishing coincidence!

And what an amazing stroke of luck that these executive bonuses were protected months before anyone had any idea that Carillion would get into financial trouble.

Isn’t it?

Now, instead of having to fund the hole in its finances from its own resources, Carillion and its lenders are expecting us – you and me – to subsidise its failures. Here’s Martin Shovel to explain, better than This Writer managed in my previous article:

Troubled engineer Carillion introduced tougher rules that protect bonuses paid to bosses – just months before it was embroiled in an accounting crisis that wiped £600 million off its shares.

The firm changed the wording of its pay policy to make it harder for investors to claw back bonuses paid to executives in the event it ran into financial difficulty.

Essentially, this means that executives would have to be guilty of fraudulent behaviour rather than just the more general failure of the firm.

In recent days Carillion has been under pressure from investors to recoup some of the millions of pounds in bonuses paid to former chief executive Richard Howson and ex-finance chief Richard Adam when they were in charge.

A probe by the Mail has found that previously bosses could have been forced to hand back their annual bonus and share awards in ‘circumstances of corporate failure’.

Source: Carillion protected bosses’ £4m bonuses before crisis | This is Money


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Bankers’ bonus cap could be scrapped after Brexit

Mark Carney speaking at the Bank of England. The governor said it was important to take a tough regulatory stance on the banking sector [Image: Andy Rain/EPA].

Is this the reason certain people in the financial sector are so keen on Brexit?

Bankers caused the crash and subsequent Great Recession, around a decade ago, but Tories tried to blame it on the Labour Party in an attempt to divert attention away from the huge bonuses that were still being paid out.

It wasn’t until 2014 that a cap was introduced on bankers’ bonuses. Now, it seems, that cap could be removed with our departure from the EU, making it possible for bankers to fleece the rest of us, all over again.

Why are these people so greedy? Isn’t twice (or even three times) an already-enormous salary enough?

The governor of the Bank of England has raised the prospect that, after Brexit, the EU rule which puts a cap on bankers’ bonuses could be scrapped.

Mark Carney, a long-standing critic of the bonus rules, listed the cap as among the tweaks that could be made to financial regulations when the UK leaves the EU in March 2019.

The bonus cap was introduced in January 2014 and was a reaction to the financial crisis when bankers received multi-million payouts despite huge losses. The cap limits payouts to 100% of salary or 200% with explicit approval from shareholders.

Source: EU rule capping bankers’ bonuses ‘could be scrapped after Brexit’ | Business | The Guardian


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