Wednesday, 11 November 2015

CBI`s scaremongering a disgrace

The scaremongering about the effects of the government`s "national living wage" by the CBI beggars belief (CBI: Osborne`s living wage is threat to jobs,03/11/15). The outgoing director-general, John Cridland, claims to "have sought to rebuild the reputation of business", but the reality is that the CBI has done nothing to curb either the excessive tax avoidance by its company members, or the greed of the businesses` CEOs. Even though its profits had risen 14% in a half-year, Whitbread recently claimed increasing wages would lead to price rises for its customers.(Whitbread living wage warning raises fear of price rises and job cuts,08/09/15)? As Nils Pratley informed us then, the pay increase "works out at just 0.95% of Whitbread group operating costs", though no similar percentage was offered for the CEO`s pay package, which "soared by 85% to almost £6.4m" last year (Whitbread chief`s pay package soars by 85% to almost £6.4m,09/05/14). The new CEO of Barclays may well claim to want to "transform" the banking culture like his predecessor did, but what sort of example is set to his employees when the boss pockets over £10m a year, including a "role-based allowance" to side-step the EU rules on bonuses(New boss at Barclays promises "trust and integrity" as overhaul continues,29/10/15)?
    Funny how the CBI prefers to describe Britain`s education sytem as "a drag-anchor on the economy", when our current pay structures fail to benefit the economy at all, because wealth is being stock-piled by the rich, whilst the low-paid`s spare spending capacity is almost zero.

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