Liz Truss Defends Plan to Lift Cap on Bankers’ Bonuses

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This is the sh** that falls from the bull! Liz Truss's understanding of economics leaves much to be desired. This is yet more 'trickle-up' economics, i.e. economics which makes the rich, richer still and the poor, poorer still.

This voodoo economics will not lead to economic growth; in fact, it will probably lead to economic contraction. If policies like these led to economic growth, this country would have one of the fastest-growing economies on the planet. These neoliberal policies have been followed since Thatcher was in office back in the 80s; and look at the parlous state of the UK economy today! – © Mark Alexander

Liz Truss, the market fundamentalist »

Liz Truss urges world leaders to follow UK with trickle down economics: Reports that stamp duty will be cut with PM to use UN speech to argue for far-reaching tax reductions, putting her at odds with Joe Biden »

Trickle down economics is a load of bullshit! No economist (or politician) worth his or her salt would ever promote such a stupid theory. The theory has already been discredited. – © Mark Alexander

Greedy Bankers Still Don't Get It: Bonus Culture Returns with a Vengeance as, Five Years After the Crash, 2,700 British Bankers Pocket an Average of £1.6Million

MAIL ONLINE: The figure make's Britain's financial elite the highest paid in Europe / These bankers also had pension packages worth at least £830,000 / Average workers saw wages rise by a minuscule 0.8 per cent last year / Flies in the face of the banks' repeated claims they have scaled down pay

The astonishing greed of bankers was laid bare last night as it was revealed their salaries soared by more than a third last year.

While the rest of the nation coped with an unprecedented squeeze on incomes, City workers were enjoying the high life, with the top 2,700 taking home an average of £1.6million each.

The figure – which makes Britain’s financial elite the highest paid in Europe – flies in the face of the banks’ repeated claims that they have scaled down enormous pay rewards in the wake of the financial crisis.

Last night there were claims that the sector had learned nothing from the greatest financial crash for decades – a crisis that their own greed and incompetence was in part to blame for. Read on and comment » | James Salmon | Friday, November 29, 2013

Prime Minister's Questions: Cameron Out of Touch on Bonuses, Says Miliband
BBC: Labour leader Ed Miliband has accused David Cameron of being "out of touch" for opposing European Union plans to cap bankers' bonuses.

He claimed the prime minister was "straining every muscle" to help the rich while doing little for the poor.

But Mr Cameron said the Labour leader wanted to "play and pose politics", while the UK needed to do all it could to attract the world's largest banks.

The UK was the only EU country to oppose the cap in a vote on Tuesday.

Under the plan, bonuses would be limited to 100% of a banker's annual salary - or to 200% if shareholders approve.

During a lively Prime Minister's Questions session, Mr Miliband said Mr Cameron and Chancellor George Osborne were the only people who thought it was "a priority to fight for bigger bonuses". » | Wednesday, March 06, 2013