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Politics

The Scandal of Boardroom Pay and Labour’s Five Point Plan for Recovery.

David Cameron’s sick joke that, “We are all in it together” was exposed for what it is as a report published this week shows that Boardroom pay has ballooned by a staggering 49% against the backdrop of an economy in intensive care, flat lined growth, inflation getting out of control and a dole queue rising by 114,000 every month meaning that 2.65 million of our people are now out of work. 

The research was done by employment research firm Incomes Data Services (IDS) and showed that directors of FTSE 100 companies swelled their pay packets by a staggering 49 per cent in the last financial year. 

IDS spokesman Steve Tatton said: “Britain’s economy may be struggling to return to pre-recession levels of output, but the same cannot be said of FTSE 100 directors’ remuneration.

“The generous packages that FTSE 100 directors now receive indicates a marked improvement in boardroom fortunes.” 

He added: “At a time when employees are experiencing real wage cuts and risk losing their livelihoods, without further explanation it may be difficult for FTSE 100 companies to justify the significant increase in earnings awarded to their directors.” 

Rail, Maritime and Transport union leader Bob Crow said the figures exposed the government’s claims it would tackle bosses outrageous pay as a sham. 

“The same top bosses demanding wage restraint and attacks on workers’ rights on the shop floor have been caught stuffing their own pockets in the boardroom,” he said. 

“The idea that Vince Cable is going to get a grip on this scandal of bosses’ greed has been exposed as a sick joke.” 

This proves that the Tories real aim is create a low wage, high profit economy where a long dole queue provide acts as a massive anvil to pull workers pay and conditions as low as possible. We are now engaged in a race to the bottom as public sector pensions are trashed, and any flicker of hope for the future of our young people is extinguished by the abolition of Labour’s Jobs Fund, abolition of the Education Maintenance Allowance and trebling of University fees. 

Labour believes in the strengths and skills of our workers, and demands that this regressive and cruel Government changes course before our decline a nation becomes terminal. 

If the Lib Dems are taking their responsibilities in Government seriously they should be opposing this vindictive Tory Government by collapsing the Coalition and letting the people decide in an immediate General Election.  

Labour has five clear policies to kick start the growth we so desperately need to responsibly reduce the deficit caused by the banking disaster caused by the greed and recklessness in our financial sector. 

Firstly: A £2 billion tax on the banks that we as taxpayers own to create 100,000 jobs for our young people, and to pay for a programme to build 25,000 more affordable houses. 

Next Labour would bring forward long term projects in schools, roads and transport to get people into work, paying tax and spending in our businesses. 

Also we would cut VAT to 5% on home improvements, repairs and maintenance to help homeowners and small traders. 

In addition Labour would give a one-year National Insurance tax break to encourage employers to take on more staff. 

Finally we would reverse Osborne’s suicidal VAT increase that has killed economic growth. This would put £450 back into households with kids.

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About dermotrathbone

Writer and co author "Through Red Lenses". Activist Unite the Union, Save Our NHS Hull. Fan of Yorkshire County Cricket Club, Hull FC, Munster and Ireland Rugby. Views are mine alone and may not reflect the organisations concerned.

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