Liz Truss - the first 100 days....

[BoldonLad]

Are they not paid enough ? If so why not.I read it as the cap means bonuses are limited to 2x annual salary (on top of said salary),potentially tripling annual salary. With no cap,it's as much as they like.
The cap came after the 2008 crash didn't it ? Whilst the rest of us are just supposed to show some "wage restraint"

How about a cap on Footballers pay, and, on Football Managers pay?. Would that impact anyone?, except the footballers and managers, of course.

 

[theclaud]

How about a cap on Footballers pay, and, on Football Managers pay?. Would that impact anyone?, except the footballers and managers, of course.

I must've missed the bit where Jürgen Klopp crashed the economy.

 

[matticus]

How about a cap on Footballers pay, and, on Football Managers pay?. Would that impact anyone?, except the footballers and managers, of course.

A better analogy might be the Agents - who make money without training, getting kicked, or watching their diet.

 

[Deleted member 49]

How about a cap on Footballers pay, and, on Football Managers pay?. Would that impact anyone?, except the footballers and managers, of course.

What's your point ? Ah you don't have one.

 

[BoldonLad]

I must've missed the bit where Jürgen Klopp crashed the economy.

I didn't say he did.

Is the reason for capping Bankers Bonuses to prevent them crashing the economy?, or, is it because (some) people think they earn obscene amounts of money?

But, if there was a desire to have a higher rate of tax, or, to cap the earning of a particular group, then, I cannot think or any "loss to the economic well being of the UK", by capping (or taxing at a higher rate) the "excessive" earnings of footballers, and football managers. I suppose we would have to define "excessive" of course, and, I should probably have said "male footballers', rather than just footballers. Maybe someone could enlighten me as to the dire consequences of capping footballers income?

 

[BoldonLad]

A better analogy might be the Agents - who make money without training, getting kicked, or watching their diet.

Good point.

 

[BoldonLad]

What's your point ? Ah you don't have one.

Just because you can't see it, doesn't mean it isn't there

 

[Bromptonaut]

I didn't say he did.

Is the reason for capping Bankers Bonuses to prevent them crashing the economy?, or, is it because (some) people think they earn obscene amounts of money?

The former; part of banking regulation is to remove incentives to risky behaviours. The latter may be a good thing to penalise too but that's way beyond the scope of this discussion.

 

[jowwy]

Is the reason for capping Bankers Bonuses to prevent them crashing the economy?, or, is it because (some) people think they earn obscene amounts of money?

or is it because the public purse bailed them out when they crashed the economy and therefore they were capped because public money was propping up the banking system....

Public money doesn't prop up footballers wages and is in essence private money of the clubs that pay them and not yours or mine to decide how much private owners want to pay them

 

[Deleted member 49]

Just because you can't see it, doesn't mean it isn't there

Were not talking about footballers,agents or whoever though are we.The caps were put on because their recklessness brought the economy crashing down and they had to be bailed out and even then paid themselves bonuses!

 

[Craig the cyclist]

Were not talking about footballers,agents or whoever though are we.The caps were put on because their recklessness brought the economy crashing down and they had to be bailed out and even then paid themselves bonuses!

The crash that you are mentioning happened in 2007/08, that is 15 years ago. I doubt that many of the people in their jobs at that time are still in them now, so what you are actually doing is punishing the next generation, who are operating under new rules, for the sins of the past when the rules were slacker simply because you don't like bankers/people earning a lot.

 

[BoldonLad]

The crash that you are mentioning happened in 2007/08, that is 15 years ago. I doubt that many of the people in their jobs at that time are still in them now, so what you are actually doing is punishing the next generation, who are operating under new rules, for the sins of the past when the rules were slacker simply because you don't like bankers/people earning a lot.

Remind me what was the name of the Chancellor during that time of "slack rules"?

 

[Deleted member 49]

The crash that you are mentioning happened in 2007/08, that is 15 years ago. I doubt that many of the people in their jobs at that time are still in them now, so what you are actually doing is punishing the next generation, who are operating under new rules, for the sins of the past when the rules were slacker simply because you don't like bankers/people earning a lot.

Punishing the next generation lol..Allowing bankers to have pre 2008 bankers crash bonuses does nothing to stop millions of people being thrown into poverty and debt.Is it not something like 4bn in bonuses by the four biggest banks ? How about we cap it and use the rest to repay what it cost to bail them out before...
Feck all to do with what I like or not.

 

[Craig the cyclist]

Punishing the next generation lol..Allowing bankers to have pre 2008 bankers crash bonuses does nothing to stop millions of people being thrown into poverty and debt.Is it not something like 4bn in bonuses by the four biggest banks ? How about we cap it and use the rest to repay what it cost to bail them out before...
Feck all to do with what I like or not.

So we take money off of individuals to pay off something that they didn't do, but that will teach them to become bankers? This is simply another left wing class struggle.

You are suggesting that when an individual earns a bonus, he doesn't get some of it as it goes to pay off something he didn't do.

How much bonus should the banker earn?

 

[Rusty Nails]

Remind me what was the name of the Chancellor during that time of "slack rules"?

At that time it was Alistair Darling, although what that has got to do with the debate in 2022 I am not sure. The fact that Labour got it wrong then does not mean Truss should get away with getting it wrong now. The big difference is that the financial crash had not happened through most of the Labour government and they were no doubt ignorant or complacent about the issue and potential for danger. Truss has no such excuse

The cap was introduced as an EU measure, despite strong opposition from the then ruling Tory party, who are now intent on getting rid of rules adopted by the UK as part of the EU.