Tuesday, 20 August 2013

Sharp rise in bonuses shows Britain is booming for the super-rich

Commenting on the latest figures for bonuses during 2012/13, published today (Tuesday) by the Office for National Statistics (ONS)

Midlands TUC Regional Secretary, Rob Johnston, said:
"After the crash of 2008 we were told that the bonus culture for the super rich would come to an end. Unfortuantely, its back to the future. Whilst ordinary people here in the Midlands suffer from the most severe squeeze on wages and massive job insecurity the super-wealth carry on as if nothing has occured.
And this will do nothing for the health of our regional economy. The Midlands economy needs investiment in manufacturing and a strong determination to tackle our chronic youth unemployment problem. Back to business as usual for the super rich elite will do nothing to help our communities here in the Midlands.
The Midlands needs a future that works for all our people, not a bonus free for all for the rich elite"
TUC General Secretary Frances O’Grady said:
“The return of big bonuses shows Britain is booming for the super-rich. While ordinary people suffer the longest wage squeeze in over a century, those at the top have seen bonuses rise by a stonking four per cent.
“Not content with giving the super-rich a tax cut, the Chancellor has also showered them with an extra gift worth tens of millions of pounds, courtesy of the taxpayer, by giving them plenty of notice to defer their bonuses and avoid the 50p tax rate.
“The shape of Britain's recovery looks increasingly like one where the same old elites hog the gains, while ordinary workers are expected to take declining living standards on the chin.”

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