Archive for January 2011
David Cameron says banks should pay smaller bonuses. But he won’t do anything to make them.
The article goes on to bleating bankers and how tough the rules are in the U.K.
They all should take a stint at the sharp end and see just how hard it is for ordinary folk before they complain about mufti-million pound bonuses not being enough.
“The best the coalition can hope for is a declaration from the banks that they will pay out less than they would have without government intervention.”
It seems this coalition can legislate to make those less able pay the for the deficit. But is unable to legislate to make the bankers, who owe the country billions, do the same.
‘Were in this together’. Trouble is, some of us are in it up to the neck, with bankers standing on our heads.
How in heaven’s name does raising VAT from 17.5 to 20% boost jobs? And if income tax was raised in the right places, e.g. Super-bonuses over a set limit, say £50,000 and raising the top rate of tax to 75& for those earning £200,000 and over we wouldn’t need the VAT rise that hits us all.
VAT was introduces to replace the several rates of purchase tax and was designed to be a ‘luxury tax’ on goods deemed not essential, such as fur coats and Rolls Royce cars so that those that could afford such goods would contribute more through their purchases. Hard to believe when we see it on everyday clothes we all have to buy.
This rise will hit spending and therefore jobs. High wages and low prices are not diametrical opposites. This is a good, efficient expanding economy. The problem is successive governments have concentrated on holding down wages while prices have been left to the whims of their wealthy friends.
And why isn’t VAT charged on newspapers and magazines? I haven’t bought either of these items for years and get on quite nicely. Could it be the government don’t want to upset their friend’s in Fleet Street and attract bad press?
It’s time VAT was applied strictly to luxury goods, such as the ones I mention above. Then they can charge 90% as far as I am concerned.