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News Reviews from 2012 |
![]() Pay Restraint and Low Ambitionsby Simon Belt
Is society losing its historic drive to create more wealth? From Radio 4 and her Majesty's loyal opposition, to the front benches of the Conservative-Liberal government, there seems be widespread support for restraining bonus payments to top executives. It may sound radical and fair on behalf of working people, but coming alongside campaigns to increase the prices of low cost food items - the high point being demands by Ed Milliband to see W H Smith increase the prices of chocolate oranges. Giving up chocolate for lent may have been a personal test of faith once, but to impose it on ordinary people for their own good is another thing altogether. Are we all becoming too meek and mild as we approach Easter?
The renumeration of top executives is clearly a hot topic at the moment, and although it has often been a source of anger for many working people, it never usually bothered the establishment. Things have definitely changed on that front though. Over the last couple of decades, since Thatcher summed up the collapse of any opposition to the free market with the phrase There Is No Alternative, popular opposition to what could be regarded as premium reward for top executives has been muted from the mainstream left. Since the onset of the recent financial crisis though, demands for restraint of pay and rewards in the boardroom have been widespread, and prominent from establishment figures. So why such a change of heart?
The bankers may have been in the spotlight over executive bonus payments, which are in effect part of their overal salary package, but the angst over high value financial rewards isn't simply directed at bankers. There are plans to derail the payouts to bosses of Network Rail, as the fervour to limit rewards looks for new and wider targets. How long before footballers and celebreties (currently flavour of the month with Lord Leveson) come under the spotlight for their payments. How long before Capello, or the England manager's job at least, falls foul to the financial political correctness sweeping the nation?
The clamour for restraint isn't a collective political campaign by ordinary people though, it's largely a minority sport driven by those who are looking for scapegoats and clearly bereft of solutions for the economic crisis being blamed on the actions of a few individuals. The middle class blame game is well under way, but not only does it clearly distract attention from the causes and more importantly the solutions for society's problems, it is creating a moral framework, a comforting moral tale to very properly read to ones children about the moral failings of those weak people who give in to their temptations.
The charge sheet currently being levelled against the greedy bankers, ends up, always ends up, being used to police the ambitions of ordinary people, and the morality of greed is today's sin under the spotlight. Campaigns to name and shame reward packages for being too generous are not sweet and fruity, but pious and condescending. The contemporary trend to save us from ourselves always requires a missionary in position to thrust home the point. And so it is that we end up with Ed Milliband campaigning for the price of Chocolate Oranges to be increased at W H Smiths.
The old slogan of let them eat cake may come across as somewhat detached and contemptuous of the poor people on the receiving end, but the updated version of don't let them eat cake is surely worse. Well off bankers may be getting it in the neck at the moment, but using greed as the weapon to do so, shows a profound lack of ambition and ends with those less well off experiencing the bitter taste of contempt by having what we can put down our own necks restricted, and taxes on sugar is only the latest attempt to save us from our own greed.
The links used in this articles in case you are reading this in printed format are:http://www.bbc.co.uk/news/uk-politics-16750583 http://www.bbc.co.uk/news/business-16824197 http://www.bbc.co.uk/news/business-16773009 http://www.bbc.co.uk/news/uk-england-16761811 http://www.spiked-online.com/index.php/site/article/11965 http://www.healthexpress.co.uk/news/sugar-regulation-765.html |