Socialist Worker

Bankers' bonuses are now just part of monthly salary

Issue No. 2401

Bankers are still raking it in. 

Bailed out bank Royal Bank of Scotland (RBS) is handing top bankers free shares worth millions of pounds to get around the bonus cap.

The European Union (EU) said banks can’t pay bonuses worth more than 100 percent of a salary without approval from shareholders.

RBS wanted to raise this to 200 percent, but were blocked.

George Osborne said they shouldn’t do it. But he is campaigning to get the EU bonus cap removed. 

But the bankers carry on regardless. RBS’s move will boost basic salaries by up to 200 percent.

Other banks are giving out “special allowances” to get around the bonus cap. At the same time Barclays won the support of shareholders for payments of up to 200 percent of salary.


Heard the one about the minister and the tax haven?

Tory cabinet minister Sajid Javid has been accused of channelling a huge bonus through a tax haven.

Javid used to work as a city banker for Deutsche Bank on a £3 million a year salary. 

He’s accused of receiving a bonus of at least £50,000 through shares in a Cayman Islands firm to lower the company’s tax bill. 

Javid was promoted to culture secretary last month after disgraced Maria Miller was forced to resign over an expenses scandal.

He’ll fit in nicely then.


Ukip fails to hide its racist bigots

In shocking news, another Ukip candidate is racist. William Henwood, is Ukip’s candidate in local elections in Enfield, north London.

He tweeted last week that black actor and comedian Lenny Henry should emigrate to a “black country”.

He has since defended the tweet. “If black people come to this country and don’t like mixing with white people why are they here?” he told the BBC. “If he (Henry) wants a lot of blacks around, go and live in a black country.”

Lenny Henry, who was born in Dudley, had said that ethnic minorities are poorly represented in the media.

Ukip claimed it is a “non-racist, non-sectarian party whose members are expected to uphold these values”. Henwood remains a candidate. 

A Ukip spokesman denounced “smear campaigns” against it.

Ukip had to suspend the “poster boy” of its European election broadcast Andre Lampitt after he sent a series of racist tweets. Lampitt described Islam as an “evil organisation” and 

told people to “get over” slavery.


Tory Nick Gibb reveals the war over schools

Ex-schools minister Nick Gibb explained the real reason for the Tories’ education “reforms” last week—an ideological war over how children should be educated.

In an article on the Guardian’s Comment is Free site the Tory MP called on unions to join the “battle” against “progressive educationalists”.

These are the people who argue that education should be

child-led and that children shouldn’t be tested to excess. 

For Gibb, it’s these people who are responsible for everything wrong in schools.

Gibb claimed that “teaching unions are not the problem with our schools”. 

Gibb bemoans the influence of the left in the NUT—“The militants who wield disproportionate power.”

He went on to list reams of things the unions were wrong about.

These included opposing attacks on their pensions, fighting and striking.


We gotta get out of this place, say youth

The Tories claim we are seeing a “recovery”. Yet most people can’t see it. And many are leaving Britain because they’re sick of unemployment.

The youth travel and work group Smaller Earth UK surveyed 1,000 18-20 year olds.

It found that of those moving abroad, 21 percent were looking for jobs and 36 percent had “simply had enough of Britain”.

Some 54 percent said the jobs market in Britain was “bad”.

There has been a  243 percent rise in the number of applications from people who want to work as au pairs in China.


In it to win it or there's no point, kids told

Bad news for all those who claim competition is "natural" and part of our genetic make up.

A survey of 1,000 eight to 16 year olds found that nearly two in third would be either relieved or "not bothered" if there was no competition in school sports.

Apparently children enjoying sports without wanting to beat someone is a problem. David Cameron has expressed his concern.

And esteemed cricket body the MCC plans to hold assemblies to foist a competitive spirit on children.


Bye bye CBI

The Scottish boss of the bosses’ CBI is to retire. No wonder—it has been a stressful few weeks. The CBI registered with the Electoral Commission, allowing it to spend up to £150,000 in campaigning for a “No” vote ahead of the Scottish referendum in September.

But it turned out loads of its members weren’t so sure and have resigned. It now says it was an administrative mistake.


Jobs search hits new low

In a further sign of the desperate scramble for work, more than 700 people have applied to be Ukip leader Nigel Farage’s personal assistant.

Some 764 people replied to the fake advert in just 12 hours after Farage said only his German wife could do the job.


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Article information

The Troublemaker
Tue 29 Apr 2014, 17:48 BST
Issue No. 2401
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