Why should the workers bail out the banks twice?

January 26th, 2011

How can the Government expect low-paid workers, the victims of the financial crash, to accept real terms pay cuts for the 6th year running when £7bn is still being paid in bankers’ bonuses this year and the banks, the perpetrators of the financial crash, are actually being given tax cuts this year by the Government?   It is a stunning fact that since 2005 average workers’ wages have fallen in real terms by 12%, and given rising inflation and the 2.5% VAT hike now working its way through the economy, it’s likely that by the end of this annus horribilis of 2011 the real terms fall will reach 14-15%.   This has never happened since the 1920-30s and perhaps even beyond that. (more…)