CEO wage rose from £15000 in 2014 to £750000 with a new appointment. 43 people at HS2 earn more than £150000 and another 73 at Netweok Rail earn the same. Private rail companies pay similar high wages. What do they all actually do for these high wages? Apart from holding down the wages of those actuallybdriving the trains? I am sure they all claim expenses too! Are similar wages paid to those who oversee the rail network?
The Daily Mail is claiming that Labour will declare a class war on day 1 of a Labour Government. They are refering mainly to the decision to remove VAT exemption from Private Schools, but if they declare war on public officials earning gross amouts of money – so be it. Doctors are told that they should not strike as they are paid well, I wonder if there were a comparison between doctors and the public servants which would require 5the greatest skills, create most stress, need greatest commitment. It is rare to hear of a doctor quitting to take a better paid job (although many also work privately, the public servants seem to swap jobs at the smell of a pay rise.
I must state that I am not against high pay per se, I am sure there are many entrepreneurs who have invested massively with time and money and provide thousands of jobs for others. In a functioning private sector (and I believe much does not function efficiently- laters), A firm paying large wages will soon be undercut by more efficient and cheaper companies. I am sure Dyson can justify his wage (whatever it is!) with the number of jobs he has created and the efficiency of his product (my Dyson vacuum did not last long though!). I am happy to pay someone with skills, or time I do not have. I am thinking here of my pension fund. The charge for managing it is not large, and if the manager can efficiently manage a large number of funds they can make a large amount – if they over charge then clients will move funds elsewhere. That is how capitalism should work in my view!
Laters – Capitalism in this country and much of the west, has become corrupted by large corporations. In America they were aware of this in 1911 when they broke up Standard Oil (which was the biggest company in the world – and then I believe became the 34 biggest companies!). It was recognised then that that the concentration of wealth was counter productive to society (actually I doubt this was the reason – but it would be nice if it was!)
Globalisation brought short term gains to western countries – at the expense of poorer countries. The wealth of many individuals is beyond obscene! If ever there was a case for nationalisation it is Musk’s empire – however good Tessla is, and competitors are catching up, Twitter or X is not booming, – just nationalise it and give hime $10 million a year for life.
In this country we are dominated by the big US companies -and no longer have the combined power of the EU to take them on – but have some corporate issues we could sort out. Water companies where there is no competition should be taken back into public ownership – same with the railways (see above!). The Post Office is more problematic – like paying for bus services on unprofitable routes. Maybe there should be a tax on all postal delivery companies with the money open to bidders to do the deliveries? How long before the posting of letters becomes obsolete? I guess a while as apparently cash is making a come back.
Corporations bid for government contracts and then sub-contract, who then sub-contract. -Governments should not allow this – it is just easy money for the rich companies – make all comanies who win government contracts 100% liabe for their success/failure. Tax avoidance by registering in Luxemburg or Dublin should be stopped. I like Amazon as it is quick and efficient – but every purchase I make in this country should be subject to UK tax – surely that is not rocket science?
The Uk has a population of about 70 million – GDP is $3.371tn. My simple economics reckons that if this money can be circulated more equitably, then everyone ends up better off? I guess I ought to shut up and make apple crumble!