Bankers’ bonus cap to be scrapped in ‘obscene decision’ that is an ‘insult to working people’

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Canary Wharf, London Photo: Creative Commons / Tim Alex
Canary Wharf, London Photo: Creative Commons / Tim Alex

https://www.morningstaronline.co.uk/article/b/bankers-bonus-cap-be-scrapped-obscene-decision-insult-working-people

A CAP on bankers’ bonuses is set to be scrapped in what the TUC branded an “obscene decision” and “an insult to working people.”

Financial regulators announced today that the limit on annual payouts to 100 per cent of salary would be removed from the end of the month.

The Tories were slammed as “absolutely immoral” as the announcement was made as it emerged that one million children are living in destitution.

The Bank of England’s prudential regulation authority (PRA) said the bonus cap had been “identified as a factor in limiting labour mobility.”

Disastrous former chancellor Kwasi Kwarteng first revealed plans to change the EU-wide bonus rules a year ago.

TUC general secretary Paul Nowak said: “Rishi Sunak has shown once again that he is more interested in feather-nesting the super-wealthy than helping struggling families.

https://www.morningstaronline.co.uk/article/b/bankers-bonus-cap-be-scrapped-obscene-decision-insult-working-people

Continue ReadingBankers’ bonus cap to be scrapped in ‘obscene decision’ that is an ‘insult to working people’

Big European insurers ‘underwrite 30% of US coal despite net zero pledges’

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https://www.theguardian.com/environment/2023/sep/28/big-european-insurers-us-coal-lloyds-of-london-zurich-swiss-re

Lloyds building London
Lloyd’s of London has committed to leading the market to a net zero underwriting position, yet it does not mandate or restrict the underwriting policies of its 85 members. Image: Dmitry Tonkonog, CC BY-SA 3.0 https://creativecommons.org/licenses/by-sa/3.0, via Wikimedia Commons

Lloyd’s of London, Zurich and Swiss Re among top 10 insurers of largest US coalmines, study finds

Lloyd’s of London and other big European insurers are underwriting almost a third of US coal production despite their net zero pledges, according to research, with the Lloyd’s insurance market emerging as the second-biggest player.

A report from the Insure Our Future campaign group found that Lloyd’s, Zurich and Swiss Re are among the top 10 insurers of the 25 biggest US coalmines, which produced more than 60% of the country’s output last year. They underwrite 13 mines producing 30.7% of US coal.

Coal is the largest contributor of carbon dioxide emissions, and the US is the fourth largest producer of coal worldwide, last year mining 595m short tons – a measure commonly used in the US equal to 2,000 pounds (907.18 kg).

Even though 45 big global insurers have adopted policies limiting coal underwriting in recent years, the report found that some are exploiting loopholes or violating their own policies to continue insuring coalmines.

https://www.theguardian.com/environment/2023/sep/28/big-european-insurers-us-coal-lloyds-of-london-zurich-swiss-re

Continue ReadingBig European insurers ‘underwrite 30% of US coal despite net zero pledges’

‘Climate villain’: scientists say Rupert Murdoch wielded his media empire to sow confusion and doubt

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Image of InBedWithBigOil by Not Here To Be Liked + Hex Prints from Just Stop Oil's You May Find Yourself... art auction. Featuring Rishi Sunak, Fossil Fuels and Rupert Murdoch.
Image of InBedWithBigOil by Not Here To Be Liked + Hex Prints from Just Stop Oil’s You May Find Yourself… art auction. Featuring Rishi Sunak, Fossil Fuels and Rupert Murdoch.

https://www.theguardian.com/media/2023/sep/23/rupert-murdoch-climate-change-denial

The tycoon, who is stepping down from News Corp and Fox, has used his outlets to promote denial and delay action, experts say

Scientists have described the media tycoon Rupert Murdoch as a “climate villain” who has used his television and newspaper empire to promote climate science denial and delay action.

Prof Michael Mann, a climate scientist at the University of Pennsylvania, said Murdoch had been “one of the most destructive forces in modern history when it comes to climate action”.

“He has wielded his global media empire as a cudgel to sow confusion and doubt about the science and the solutions. He will go down in history as one of the greatest climate villains,” said Mann.

Dr Friederike Otto, senior lecturer in climate science at the Grantham Institute, Imperial College London, said: “There’s no doubt that the Murdoch empire has played an important role in letting the public believe that there was any scientific doubt that the burning of fossil fuel causes the climate to warm and that it is detrimental for society and ecosystems. It is a terrible legacy he leaves, that many people paid for, and are paying for, with their lives and livelihoods.

https://www.theguardian.com/media/2023/sep/23/rupert-murdoch-climate-change-denial

Image: Boris Johnson confirms his thumbs up from Rupert Murdoch
Boris Johnson confirms his thumbs up to be UK prime minister from Rupert Murdoch
Continue Reading‘Climate villain’: scientists say Rupert Murdoch wielded his media empire to sow confusion and doubt

Rishi Sunak considers weakening key green policies

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Madness, Driving in My Car

https://www.bbc.co.uk/news/uk-politics-66857551

Rishi Sunak is considering weakening some of the government’s key green commitments in a major policy shift.

First, the government would push the ban on the sale of new petrol and diesel cars – currently set to come into force in 2030 – back to 2035. The 2030 date has been government policy since 2020.

Second, the government would significantly weaken the plan to phase out the installation of gas boilers by 2035, saying that they only want 80% to be phased out by that year.

Third, homeowners and landlords would be told that there will be no new energy efficiency regulations on homes. Ministers had been considering imposing fines on landlords who fail to upgrade their properties to a certain level of energy efficiency.

Fourth, the 2026 ban on off-grid oil boilers will be delayed to 2035, with only an 80% phase out target at that date.

In addition, Britons will be told that there will be no new taxes to discourage flying, no government policies to change people’s diets and no measures to encourage carpooling.

Mr Sunak is also likely to rule out what he sees as burdensome recycling schemes.

https://www.bbc.co.uk/news/uk-politics-66857551

Continue ReadingRishi Sunak considers weakening key green policies

Oxfam says tax filthy rich polluters responsible for climate destruction

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Greenpeace activists display a billboard during a protest outside Shell headquarters on July 27, 2023 in London.
Greenpeace activists display a billboard during a protest outside Shell headquarters on July 27, 2023 in London. (Photo: Handout/Chris J. Ratcliffe for Greenpeace via Getty Images)

Oxfam’s report Payment Overdue, Fair ways to make polluters across the UK pay for climate justice proposes that those most responsible for emissions and those best able to pay should pay to address climate change. Oxfam recognises that fossil fuel companies and rich individuals “are disproportionately responsible for the climate crisis” but “have been let off with not paying to deal with its consequences.”

Extinction Rebellion NL image reads STOP FOSSIELE SUBSIDIES
Extinction Rebellion NL image reads STOP FOSSIELE SUBSIDIES

The climate crisis is now a reality: its effects range from the UK breaching 
40°C for the first time in 2022 to a devastating and ongoing drought in East 
Africa, which would not have occurred without global heating. In the UK and 
globally, it is people living in poverty who bear the consequences of 
inaction. Public finance is a critical lifeline for communities on the frontlines 
of the climate crisis, yet we are increasingly looking to dwindling aid 
budgets to meet escalating needs. Meanwhile, billionaires amass yet more 
wealth and fossil fuel producers post record profits. 


These polluters have caused – and continue to cause – irreversible damage 
to our planet, and it’s only fair that they pay for the harm caused by their 
actions. Fairer taxes on the largest polluters would not only generate 
additional finance but could also create financial incentives for them to 
reduce their emissions.  


The UK is a huge historical emitter. It must take responsibility for this, but 
the onus of paying should not be split equally among the public. Those who 
have emitted the most and profited while doing so – particularly fossil fuel 
producers and wealthy people – should be doing the heavy lifting. This 
paper sets out four options to do this. 

Placard reads Curb Greed Tax the Rich
Placard reads Curb Greed Tax the Rich

Payment Overdue, Fair ways to make polluters across the UK pay for climate justice

Continue ReadingOxfam says tax filthy rich polluters responsible for climate destruction