I’ve been bottling this up for a few days: the proposal from Peter Hain, the UK’s Northern Ireland Secretary, that he thought that City bonuses had created a ‘grotesque’ wealth gap, and suggested that bankers give two thirds of their incentive comp to deprived communities.
Hain told the newspaper that ‘there’s a real problem of people on average incomes feeling there’s a sort of super rich class right at the top. What is it ? Four thousand City workers receiving more than a million pounds each in bonuses. People don’t feel that’s proportionate’. The Minister then suggested that City workers ‘give two-thirds of that £8.8bn (City bonus pot) and invest it in charity or invest it in regeneration schemes for unemployed kids’. Hain continued by threatening that ‘in the interests of the City, particularly if they don’t want to invite attacks for greater regulation or changes in taxation, if they don’t (want to) get into that kind of arena, then they have to show a lead’.
What a complete and utter muppet.
From the ‘Here is the City’ website:
What we really need, of course, is government ministers to have at least a bare minimum of business experience before they take office and comment on issues that affect industry and commerce. And the problem with this lot (our current government) is that they are extremely good at spending our money, but understand very little about how it is made.
Don’t these people realise that unless we remain competitive and enable top performers to earn market rates over here, jobs will be lost as positions relocate overseas. What, then, will happen to all that tax high-earners currently pay to the Treasury ? It will, of course, follow the jobs. But at least there will then be the level playing field our politicians seem to desire – we’ll all be hard-up and poor.
It’s no surprise that, as many of our Ministers seem to be living on another planet, this country continues to go to the dogs. We are already taxed heavily on our salary packages and pensions, pay national insurance, VAT, council tax, congestion charges and a raft of other stealth taxes. Where will it all end ? Perhaps the Government will be happy when we are all living in a chav-like society, doing little or no work and claiming as many benefits as we can. That will certainly be easier that slogging to work every day and trying to make an honest living. But from who will the Government then collect its tax revenues ?
I couldn’t have said it better myself. I hate to be reminded about the 16.5% income tax in Hong Kong, the lack of VAT, no national insurance, congestion charge etc. etc. Aiyeeah! The good old days!
Where does it all go?