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Blimey, things carrying on as normal in here then 😀
Regarding the Vaccine and Brexit - even The Mogg had to admit that the speed of our vaccine rollout had nothing to do with whether we were in or out of the EU
removed link
Apologies @kohoutec - links are disabled for new posters (the forum strips it so well that I am unable to see it).
If you try again it should work now.
Ah thank @driver8 - the link I tried to post was this one
[edit] Nope, still wont let me post it 😀 Just google Mogg Brexit Vaccine, it's the first hit (Indy100) >
EDIT2 (driver8): Rees-Mogg caught out when trying to claim UK's vaccine roll out was thanks to Brexit
It's important as one of the alleged big 'wins' from Brexit was supposedly the way we were able to roll out the vaccine so quickly, god know the Tories kept repeating it as apparent fact. Yet even Mogg was forced to admit it was basically a lie.
Personally I've yet to see any tangible benefits from Brexit, yes these things take time, but surely by now there should be something?! I see plenty of obvious disadvantages, they were quickly apparent.
Ultimately what gets me with the full-on Brexiteer types is the utter refusal to admit it's not going well, or remotely as planned. I just don't understand the mindset. Especially when 'Project Fear' signposted a lot of this waaaay in advance
Thanks for sharing, @kohoutec as I'd not seen that before and it's a great clip ! (Followed automatically for me with a similar one at LBC, with JRM lying about the delays at Dover).
Up till now, I was believing the lies that the EU were mired in bureaucracy and the UK was "free to choose" to roll out the vax.
The first Brexit benefit ! ?
Bankers might be seeing their bonus cap removed, imposed in 2014 by the EU (Europe-wide).
Beyond the headline, it turns out that the cap was pretty useless anyway, as what it meant was the banks just paid higher annual salaries whether or not the targets were hit, so this is likely to benefit the banks themselves rather than the top bankers. Still, it's a very weird time to be even thinking about this.
Plan to axe banker bonus cap condemned as ‘obscene’ amid pay cuts and ‘huge risk’ to economy
Liz Truss is turbocharging bankers’ bonuses. What a gift for Labour - although I seriously wonder if Starmer will be able to capitalise on this.
The News Agents (podcast) - good discussion about what it might mean.
It probably needed doing as the cap clearly didn't work, but this does just open the door to bigger bonuses on top of the artificially inflated base salaries that were created to bypass the initial cap.
The issue was that it was encouraging risky behaviour and was identified as one of the factors leading to the last financial crash. The problem was that the banks then just increased the base salaries rather than adding a large bonus on top, but now they can't reduce those base salaries like they could have by not paying out as much in bonuses. Bonuses for heads of NHS trusts have also been called into question if the trust is underperforming, so it's not as black and white as you like to think.
Bankers might be seeing their bonus cap removed, imposed in 2014 by the EU (Europe-wide).
hehe ... you really can't compare the bonuses in banking with anything else.
Q: What Happens When There Are Limits on Bankers’ Bonuses? A: It makes a bunch of risk-takers less likely to take risks.
London’s mergers and acquisitions (M&A) bankers earned £2.6bn in 2021 (highest since 2000). London’s big four banks posted profits >£34bn, with pay out bonuses >£4bn.
Bonuses will tip >100 UK bankers into the EU’s “high earners” warning report (€1m/£835,000) a year). A total of 3,519 UK bankers earned more than €1m last year (x7 as many as Germany).
27 UK bankers earned >€10m (2019)
2 UK asset managers were paid €38m
1 merchant banker was paid €64m (€242k + bonus €64.6m).
Barclays' Jes Staley, former CEO who quit in November due to links with Jeffrey Epstein, is still in line for bonus of £22m.
And all this at a time when income inequality in US & UK is so wide that while the richest are very well off, the poorest have a worse standard of living than the poorest in countries like Slovenia. FT (free): Essentially, US & UK are poor societies with some very rich people.
https://twitter.com/jburnmurdoch/status/1570832839318605824
Growth ? FT: City of London welcomes plan to scrap bankers’ bonus cap - Kwarteng’s proposal is political risk that experts say is likely to have little effect on growth.
I don't know why she's doing it ... political posturing, a reward for her supporters (donors?), an attempt at a Thatcher legacy, perpetuating the false "trickle down" idea ... ? >
Truss insisted this was “fair”: her planned NI cut leaves a minimum wage earner only £59/year better off, while earning £100,000 saves £1,000+.
She argued that rich people paid more tax, so of course they would benefit more from tax cuts.
If we were to look at society from afar, it would seem incredible that we have people earning in excess of 1 million per year, alongside others who are forced to visit food banks or sleep in doorways. It's just wrong, very wrong, yet we've completely normalised it.
Growth is another thing that's normalised, when we need to work towards a circular economy.
There's also the question of what banking actually is - as far as I can see, it's glorified gambling and profits made from company mergers (where cost cuts = staff layoffs).
I don't know what the answers are, but as a society we should be trying to level the playing field in whatever ways possible, bit by bit.
