More than 2,400 UK bankers paid €1m-plus, EU regulator says | Business | The Guardian

United Kingdom

United Kingdom (Photo credit: stumayhew)

This is an interesting article, reported in the Guardian. It’s a MUST READ article in my view. Check it out!

More than 2,400 UK bankers paid €1m-plus, EU regulator says | Business | The Guardian.

As I read the article, a number of thoughts came to mind including:

  • Banking remuneration out of line with other sectors
  • Banking remuneration protected from austerity
  • Banking remuneration is not correlated to the effectiveness of the banking sector, especially in financing small businesses
  • UK too dependent upon the financial services sector

 

  • This leads me to an interesting open question:

How should the UK Government adjust policy given that the UK has more than 2,400 bankers earning EUR1m+?

Any thoughts?

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2 responses

  1. Pingback: Top Seven Blogs – Last Seven Days « Dr Alf's Blog

  2. How should the UK adjust policy and start to re-balance the economy?

    To begin with it needs to actually make a start rather than pretending that they are and doing nothing.
    The bankers earning huge sums of money are a symptom of a bigger problem which is that that we are not making enough things that people want or selling enough of them to people with money and we as a nation imagine that the world owes us a living.

    Since 1982 we have had a widening trade gap and have been living on borrowed money insufficient to cover that gap and today the interest on the accumulated debt and rising health care costs seem set to overwhelm these precarious finances because too much money is being either wasted or in one way or another is removed from the system by people with criminal intent.

    draining the swamp and rooting out waste and malfeasance
    ———————————————————————————
    A look at what is collected in taxes versus what is purchased in the way of new roads resources and infrastructure reveals to anyone with eyes to see,a situation with only one explanation,fraud and malfeasance on a colossal scale.

    This should be investigated by the police aided by forensic accountants plus a super-bailiff with Icelandic powers of arrest, seizure, recovery and sequestration to recover money stolen by criminal elements during the last financial crisis.

    Those involved in criminality and malfeasance should be tried, convicted and imprisoned and the bank accounts of relatives, children, mistresses, offshore trusts etc examined along with mobile phone, computer hard drives, Skype records, the use of proxy servers etc to establish where every penny has been hidden prior to its recovery and repatriation to the taxpayer.

    We then need independently audited accounts so that we can all see how much money is collected in taxes, what it is spent on and how much is really left over for contingencies.

    re-balancing the economy
    ———————————-
    Measures here need to be swift and draconian so as to wake people up and shock them out of their self induced torpor:

    a)Reduce local authorities, police forces and fire commands to 15 for the entire country with 6 shared service centres and abolish all districts and boroughs, unitary authorities and city councils

    Outsource all non core services and make all surplus workers redundant

    b)Reduce the civil service to 15000 people and put the rest to the sword

    c)Merge the NHS and Adult Social Care budgets eliminate that portion of county council budgets

    d)Reduce overall holiday entitlement for everyone to 4 weeks until such time as worker productivity rises to an agreed level in the top 10% of leading industrial nations

    e)Abolish all Bank Holidays except Christmas Day and reduce the Monarchy to a bicycling one with all Royal lands and buildings except for Buckingham Palace put to commercial use with the funds going to the Treasury

    f)Create a Government Enterprise Bank and increase bank competition to increase lending to businesses

    g)Quadruple the size of the export salesforce, train them in advanced selling techniques via Miller Heimann, teach them NLP and at least one relevant language(Mandarin, Arabic, Brazilian Portuguese)
    then attach them to firms in industries where we have leadership in the market or the potential for it.
    Then provide those firms with writing down allowances ,accelerated depreciation and export finance to allow for faster expansion)

    h)Bring in tarriffs,3D printing and robotics

    i)Become a tax haven attractive to inward investors

    j)Stop all further immigration unless they are wealthy inward investors or exceptionally gifted students studying useful subjects

    k)Develop business boot camps where the academically challenged and practically minded can develop businesses and thus employ themselves.
    Teach them one useful language and encourage those of them who cannot make it here to leave the country in our own version of the Chinese “Swarm Out” programme

    l)Formulate arrangements with India to handle long term dementia patients and Adult Social Care recipients without relatives /spouses in Goa and Pondicherry where they can be dealt with at much lower cost

    m)Stop all overseas aid and overseas military adventurism

    n)Stop pontificating to others and lecturing others on human rights in public and build rapprochement with those countries as a precursor to trading with them

    o)Improve cyber security at our leading and emerging firms using the services of organisations like Mandiant to prevent theft of IP by foreign Governments

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