A few articles from Left Foot Forward, this blog’s favourite blog

This is how we can start to curb fat-cattery and low pay

Inequitable distribution of income has severe consequences.

The Post Office scandal has once again exposed the shortcomings of performance related pay for company directors. The company had remuneration committees staffed by hand-picked obedient non-executive directors. None opposed the rewards accruing from wrongful prosecution of more than 900 subpostmasters and dutifully rewarded directors. Paula Vennells, chief executive from 2012-2019 picked up bonuses of £2.2m for wrecking lives.

Performance related pay has boosted the remuneration of directors even when performance is negative, as exemplified by the 2007-08 financial crash, collapse of Carillion, BHS, London Capital and Finance, Patisserie Valerie, Debenhams and others.

The bottom line is a key feature of most performance related remuneration schemes. The median tenure of a FTSE100 CEO is about 3.75 years and temptation is to grab higher pay in the shortest possible time. Profits can be boosted by depressing wages, dodging taxes, postponing repair and maintenance; cutting investment and spending on innovation; and by using novel accounting practices. Directors are rewarded for such tactics as shareholders chase short-term returns. Little attention is paid to the long-term damage and social cohesion.

Workers invest their brain, brawn and life in companies but have become just another disposable commodity. In the words of former US President Abraham Lincoln: “Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”

…

Inequitable distribution of income has severe consequences. Millions struggle to have access to good food, housing, education, pension and other essentials. Inequalities are a threat to democracy as the rich are able to control media, buy lobbyists and fund political parties to advance their interests, to the exclusion of the vast majority of the people.

…

Demands for public ownership as water bills set to rise above inflation

Feargal Sharkey exposes injustice of water bill rise in a single tweet

Question Time audience slams government’s position on Gaza ceasefire

“I have never been more upset and disappointed in our current government”

…

“I think a ceasefire is crucial,” one audience member said, adding: “What I also think is crucial is that the UK government is held to account for their role in licensing arms to Israel at the moment.” Her contribution was met with applause from the rest of the audience.

Another member of the audience echoed her comments, saying: “I have never been more upset and disappointed in our current government, with how they have dealt with the situation.”

He then went on to say: “Whether it’s the Conservative Party, and even the Labour Party – it’s an absolute disgrace. How many lives need to be lost? We have been 25-30,000 Gazan lives, people who have done nothing wrong. I completely echo what you say. Israel do have a right to defend themselves – absolute. But at the risk – not at the risk – the death, murder of 25-30,000 people who have done nothing wrong, I can’t understand this.”

…

Bombshell poll reveals the extent to which the public think Brexit has been a failure

Four years on after Britain left the European Union, a damning new poll shows just how disillusioned the public are with Brexit, with the majority believing it to be a failure.

The poll, carried out by Ipsos for the Evening Standard, found that 57% believe Brexit has been more of a failure than success, while only 13% say that it has been a success.

Younger adults, Londoners, and graduates are more likely to say that Brexit has been a failure.

A breakdown of the survey results showed that 70% of 18 to 34-year-olds think Brexit has been more of a failure, as do 64% of 35-54s, compared to 38% of those aged 65+.

…

Many of the promises made by Brexiteers have failed to materialise, including grater control of borders, free trade deals with America and of course who could forget the promise to invest £350 million more a week into the NHS after Brexit.

…