UK economic slump: We are all in this together. Pull the other one
This is the first of at least three stories today regarding inequalities in the UK. These are not inequalities brought about due to one person's skill as opposed to another person's. Rather it is a stark reminder that as much as David Cameron may want to state "we are all in this together", that is a long way from the truth.
Today figures have been published regarding 2011 pay increases. They make for shocking reading. That is they would if you had believed the Coalition government's lies
Awarding themselves pay rises of 49% must have stunk, even to such greedy people.
Percentages are always rather a con anyways. After all 2% of very little is still very little, wheras 2% of an inflated wage is still a huge amount of money.
The statistics for the UK read:
- Public Sector workers in many cases had no pay rise.
- Private Sector workers averaged around a 2.6%
- The current, UK minimum wage hourly rate is, £6.08 - for workers aged 21 and over, £4.98 - the 18-20 rate, £3.68 - the 16-17 rate for workers above school leaving age but under 18, £2.60 - the apprentice rate, for apprentices under 19 or 19 or over and in the first year of their apprenticeship.
- Britain's top company directors now take home average earnings of almost £2.7m a year
- In 2011 the average bonus payments for directors increased by 23% from £737,000 in 2010 to £906,000.
- UK FTSE chief executives pay rose by 43% in the last financial year, to an average of £3.8m, while finance directors enjoyed a 34% increase taking their average earnings over the £2m mark
- Mick Davis (Xstrata) £18,426,105
- Bart Becht (Reckitt Benkiser) £17,879,000
- Michael Spencer (ICAP) £13,419,619
- Sir Terry Leahy(Tesco) £12,038,303
- Tom Albanese (Rio Tinto) £11,623,162
- Sir Martin Sorrell (WPP Group) £8,949,985
- Todd Kozel (Gulf Keystone Petroleum) £8,913,223
- Don Robert (Experian) £8,601,984
- Edward Bonham Carter (Jupiter Fund Management) £8,003,641
- Dame Marjorie Scardino (Pearson) £8,003,641
Labour Leader Ed Miliband said, "I think its wrong because what we see is rewards not based on performance, not a something for something culture but a something for nothing culture. We've seen the stock market flat over the last year or so, so not more wealth being created and yet top pay going up by 50%. This is what we have to change about our economy so that we make sure what people get out is related to what they get in."
OPINION: The Coalition is always quick to condemn those on welfare as "takers" but today's figures are appalling. They speak for themselves. No matter what rubbish words such executives use to justify these pay rises it will all be nonsense.
The global Occupy Protest Movement is derided by many, especially people of this ilk. However, these fat pigs are the 1% who they are protesting against. It seems that the 99% can have their incomes cut till there is no leeway left as long as Corporate Fat Cats continue to prosper. Unbelievable.