Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/452/5418

From The Socialist newspaper, 24 August 2006

Cream for fat cats - debts for us!

TOP EXECUTIVES' pay is still soaring. Chief executives from the 100 biggest UK-based firms received average pay rises of 10% last year, more than twice as high as increases across industry.

But pay's only half the story. Some fat cats in Britain's boardrooms and City of London dealing rooms have had bonus payments totalling a record 19 billion this year - roughly the same as Britain's entire annual transport budget.

Bosses' bonus payments increased by 2.5 billion (16%) this year. Following a 1.5 billion rise last year, they have leapt by a quarter in two years. Over half were paid to top-flight people in 'financial services' in the City of London and Canary Wharf.

The biggest bonuses, often many millions of pounds, go to a few investment bankers or financiers for attracting more business for their boss or tying up large merger deals. Many City banks got record profits through rising share prices and a boom in mergers and acquisitions.

Britain's banks together made a record 33 billion of profits in 2005. First half figures suggest they may beat that in 2006 despite the growing numbers of personal insolvencies and bad debts. Other companies paying huge bonuses include oil companies such as BP and Shell who have profited from the tripling of oil prices.

This echoes the enormous class divide in all capitalist economies where profits, dividends and massive bonuses accumulate at the top.

Meanwhile, workers' 'average' earnings went up by 4.3%. And a recent survey showed that most people spend an enormous proportion of their income on essential living costs such as utility bills, mortgages, rents, food and travel expenses and on servicing debts such as credit cards.

Cardiff was Britain's most expensive city to live in. 97% of residents' earnings - 1,059 out of 1,088 - were committed to outgoings. 160 a month went on credit cards and other debts. Londoners paid out 1,338 on average although their 'average' income was higher.

Many people must be falling further into debt with each pay cheque. The effect of that on Britain's economy could eventually be enormous.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 24 August 2006:

Unite against war, terror and racism

Wars and terrorism


Socialist Party NHS campaign

"We won't be treated like dirt"

Strike ballot begins

PFI - Labour's binge profiteering

PFI scams exposed

Protests in Nuneaton

Ballots and lobbies in Pontefract

Sheffield - stop these attacks on children's health

Cuts and sell-offs in Birmingham

The NHS: What we say


Socialist Party youth and students

Tony Blair takes the biscuit...

Preparing for the new term

Lincoln launches anti-BNP campaign


Socialist Party campaigns

Liberal U-turn stops tenants' ballot victory

Cream for fat cats - debts for us!


Socialist Party workplace news

Visteon workers fight for their future

Prison officers vote to strike

Crown Post Offices

National trade union meeting


 

Home   |   The Socialist 24 August 2006   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Fat cats:

triangleDefuse the consumer debt time bomb: nationalise the banks!

triangleThe Socialist inbox

triangleStrikes show workers' power

triangleBosses' pay goes up by 82% for nothing

triangleThem & Us

Britain:

triangleCan you donate to the Socialism 2017 appeal?

triangleObesity epidemic: end food market anarchy

triangleTories torn - bin them now

triangleThe end of the Tories?

Pay:

triangleArriva North West bus drivers strike over pay

triangleRoyal Mail bosses block strike - back postal workers

triangleNorth London hospital workers fight cuts and job losses

Profits:

triangleAirwave jobs strike

Banks:

triangleHousing crisis: Corbyn's positive measures blanked by Labour's right

Reports and campaigns

Reports and campaigns

19/10/17

North West

Arriva North West bus drivers strike over pay

18/10/17

Democratic rights

Conference on state spies: who's watching who?

18/10/17

Leeds

Striking back against sackers' charter at Leeds Uni

18/10/17

Royal Mail

Royal Mail bosses block strike - back postal workers

18/10/17

PCS

Balloting members on the pay cap

18/10/17

Art

'Dazzling' Bad Art show points to socialist future

18/10/17

Council

Sheffield Labour council threatens peaceful protesters with prison

18/10/17

South West Wales

Hundreds turn out for rally aimed at removing west Wales Tory MP

18/10/17

NHS

Uprising to save the NHS!

18/10/17

Socialism

Can you donate to the Socialism 2017 appeal?

18/10/17

East London

No cuts - hands off King George A&E!

18/10/17

North London

North London hospital workers fight cuts and job losses

18/10/17

BAE

Nationalise to save jobs at BAE Systems

18/10/17

Schools

Schools "can't go any further" - stop the cuts: set deficit budgets now

18/10/17

Swansea

Socialist Students 'welcome' Hillary Clinton to Swansea

triangleMore Reports and campaigns articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle19 Oct Arriva North West bus drivers strike over pay

triangle18 Oct Russia, October 1917: When workers took power

triangle18 Oct Tories torn - bin them now

triangle18 Oct Royal Mail bosses block strike - back postal workers

triangle18 Oct Balloting members on the pay cap

triangle13 Oct The end of the Tories?

triangle11 Oct Nasty party imploding...drive out the Tories

More ...

triangle23 Oct Chesterfield Socialist Party: The continuing struggle for abortion rights

triangle24 Oct Liverpool Socialist Party: The October Russian Revolution 100 years ago to the day

triangle25 Oct Salford Socialist Party: The October 1917 Russian revolution

triangle25 Oct Swansea Socialist Party: Mother Jones - A US labour pioneer

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2