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Pay for top FTSE bosses soars by a third.

Discussion in 'Scotland - education news' started by sweden51, May 31, 2011.

  1. "We're all in it together" apparently.We all have to feel the pain in these icy finacial times.That's the message we hear from David Cameron, the SNP and COSLA.However this doesn't apply to everyone.The message doesn't seem to have reached the bosses of Britains biggest companies. The executives of the FTSE 100 companies earn 150 times the British average wage after a median wage increase last year of 32%.The top earner named in a recent report was Michael Spencer, chief executive of UK-based inter-dealer money broker Icap, who took home £23.7m in salary and bonuses. Michael Davis, of the mining company Xstrata, took home £21.2m and Bart Becht of the consumer goods group Reckitt Benckiser received £17.7m.Added to this are the, recently floated ,Glencore billionaires.Eight of the top Glencore shareholders became multi billionaires overnight.
    The financial position that Britain and many other western capitalist counties are in was not caused by state expenditure on health,education and social insurance.It was caused by massive deregulation in the markets and unaccountable gambling by banks and hedge funds.The cuts to expenditure are ideological in nature.The Financial Crisis has offered Governments who believe in Neo - Liberal solutions the opportunity to impose reductions in the size and extent of the states involvement in delivering services.Austerity as a means of rescuing the economy is a gamble which has a poor track record.The alternative is Keysianism and injections of capital which act as "pump primers".
    The fear for many teachers is that once wages and conditions are diminished they can prove very illusive to be regained.The COSLA submission to McCormac represents a significant change to the nature of our jobs and must be resisted.
     
  2. sicilypat

    sicilypat New commenter

    BBC news today reporting private sector wages are increasing by average of 3%. I am at a loss to explain why public sector alone now appears to be paying for the financial problems brought on by the mistakes of those in the banking profession whose only motivation was self interest.
    It's time for public sector workers to take a stand against disproportionate cuts in our living standards.

     

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