Bonus discussions continue

[wolfie citizen smith]

The Government wishes to make it quite clear that the era of giant finance sector bonuses is over, having said that, it’s business as usual. Ministers say no more public cash will be made available to banks that award huge sums to any but the most deserving. Fortunately for the employees of these saved banks, that includes everyone. The Royal Bank of Scotland, strapped to a hospital bed with a tube up its nose, will spread a billion pounds over its 177,000 staff just for being good enough to show up for work. It’s hardly a reward for a job well done, the taxpayer gave it a lifesaving transplant of £20 billion just to keep it going, and to keep its executives in the manner to which they’ve become accustomed.

Banks say they have to pay these sums because without them they’ll lose their best people, which might be true if the entire banking industry were not on life support. Their best people would be lucky getting a job helping to pack the belongings of their recently fired co-workers in cardboard boxes. This sort of reward for merely doing the job is not a feature of the value for money we enjoy from Her Majesty’s Government. No huge expense claims and profligate use of tax payers cash there. Except for the Royal Mail whose bosses have done such a tremendous job running the company that 16,000 staff face the axe. In celebration its chiefs have awarded themselves a million pound upgrade to their offices including £100,000 worth of the best chairs that Italian designers can offer, to go with their hand made custom built walnut desks, a snip at just £6000 each.

Jacqui Smith the home secretary wouldn’t put up with that at her department. A point she could make from her sister’s place where she stays for a few days a week, allowing her to claim her own family home as her second home, which allows her to claim every penny of the £24,000 allowed. Last year she claimed more in expenses than she got in salary. It totalled £300,000. All within the rules she says. As are the Royal Mail’s luxury offices, as are the bank bonuses. And who writes these rules? Not you or I. The people who write the rules are the recipients of the benefits outlined in those rules. Did someone say conflict of interest?