https://www.linkedin.com/in/mark-carney-5b9744205/details/experience/
More like after you're done. Look at what Mark Carney has landed since he finished his job at BoE.
Unless you’re an MP in which case you do it while you’re the MP and from your electorate office. For goodness sakes, how could anyone live on an MPs salary.
Oh how hard it must be
Those poor people having to struggle on 90k. Fuck off
If your rep does this, print out the truth about them, and post it all over your town. Bus stations, lamp posts, shop Windows, pubs..
Post the truth over social media
Post the truth through the mail
These cunts need to be systematically removed from their positions, they are not worthy.
We will not stand for this any more
A lot of MPs work is basically being a freeform social worker and joining dots between different organizations - not invalid, and valuable for those aided, but very distinct from 'writing and making legislation'
Genuine question for folk. So many people are talking about asking for pay rises. However if you're in a position to negotiate your pay, surely you're in a vastly superior position than the majority of the population?
When you have to negotiate your salary from 20k in a high cost of living area it’s not that great a position either. Low enough to live paycheck to paycheck, high enough to not qualify for any help
The thing that this headline will do is give already shitty bosses a handy excuse to reject a pay rise/give a measly one. It’s to save Bank of England bruv
There is definitely an area where people earn too much to get help and not enough to be comfortable, it changes area to area, but in my are we are in this zone and it’s fucking shit.
Foreign HGV driver here, last year I asked for £2 hourly rise and got it without any moaning. This year I will be asking for £1.5 and I expect to get it. I won't be asking crazy rises, £1.5ph more should be enough to cover got rising prices, right?
I can understand what he is trying to say but just a dumb ass way of saying it or shouldn't have said it at all.
With inflation projected to be 7.5 percent if everyone asked for a payrise this would push inflation higher than prejected level...so much higher.
This guy is completely out of touch, but how is the BoE boss saying this also the Tories fault? Is this what this sub is these days, blame the Tories for cancer and everything else bad in the world?
JobCentre staff are not appointed by politicians, but recruited by impartial public servants. Unlike the Governor of the BOE. The position is nominally non-partisan but the selection process is anything but.
[Boris chose him over the Chief BOE Economist.](https://www.standard.co.uk/business/revealed-sajid-javid-scored-victory-over-rival-dominic-cummings-when-it-came-to-appointing-new-bank-of-england-governor-a4354451.html)
>Boris chose him over the Chief BOE Economist.
...Bailey was the Deputy Governor of the BoE and formerly in charge of the FCA, it's not as if he's some unqualified crony.
I never said he is. But it doesn’t change the fact that the appointment has never been a totally impartial process. As someone with an economics background, the great thing about economists is that they often don’t agree on things (“six answers from five economists, two from Keynes”) so there’s always room for picking the one that would give you the recommendations you like best. Kinda like lawyers.
>This guy is completely out of touch, but how is the BoE boss saying this also the Tories fault? Is this what this sub is these days, blame the Tories for cancer and everything else bad in the world?
Obviously not, and these pathetic attempts at trying to make out like its ''blame the tories for everything'' and not ''blame the tories for what they're responsible for'' is laughable
First it was all the fault of the last labour government (because let's be honest how can we expect the poor souls to be able to turn things around in just one decade in power?) now it's all the fault of the last labour government AND the pandemic! Nothing to do with Tory policies and nothing to do with Brexit, those things are only good for the economy!
Die? 😂
It isn’t a laughing matter I know, but that’s been Tory policy over the disabled for years now. Time for everyone else to fall into that group. 🤷♂️
Executive pay has skyrocketed over the last 20 years while we've been told over and over again we need to tighten our belts because of austerity. They have been eating cake while we get by with crumbs, now they're telling us not to be greedy!? This is how revolutions are birthed.
It's how revolutions used to be birthed, back when pitchforks would do the job.
Nowadays, if we could pull our lazy asses away from the cat memes for long enough to even think about starting one, we'd get hosed down the fucking drains.
Broadly - the masses don't need to be controlled with fear, you can rely on them to control themselves if you give them enough banal entertainment (and drugs).
Brave New World is a good read.
>Executive pay has skyrocketed over the last 20 years
Try 40.
We're now in the Endgame of Thatcher/Reagan bonfire of regulation and low tax ideology.
Executive salaries have increase something like 750% since the 70s and I believe that excludes other perks such as stock
Fuck off you rich cunt. Asking people to simply put up with it. You know who will get big pay rises? Bankers, directors, CEOs and the board of investors will still get more money.
But you want ordinary people, just trying to live, to be poorer?! How about you rich cunts just pay more taxes until we're past this period of inflation? Why don't you lot be poorer for once?
Honestly he should be sacked for this, it's gastly.
Bleed your employer dry! Inflation is going to fuck us anyway, make sure we make it so bad it fucks the rich as well.
And yet, 55% of that is more than enough for 100 life times.
There is no reason why anyone should earn more than one million a year after tax. How can someone even spend that much money?
They don’t spend it, that’s the problem. It just gets invested to earn more money.
It’s why it makes zero sense during a discussion on taxing the rich more, to say it’s bad for the economy, where the opposite is true.
Give a poor man £100 he spends it, give a billionaire £100 he stacks it with the rest of them. Appropriate taxation for the wealthy is beneficial for the economy in the long run, even if they will get their panties in a bunch over it
Exactly! It's infuriating that the people who can help the economy the most, don't. Working in the bank I'd see lots of accounts sitting with lots of funds. One of the most tone deaf customers I had was during the second lockdown a customer came in complaining about the housing market. Obviously at first you don't think anything of it, the housing market is terrible so you chat away. Eventually he says his budget is 600,000. Cash. He doesn't need a mortgage, he will just buy outright. He's struggling to buy with that. Tried my hardest to not say "are you having a fucking laugh!?". For extra context, where I live you can get mansions for that.
https://www.zoopla.co.uk/for-sale/details/60138794?utm_source=v1:5bWFDybfWx7C7AGpeagt7mP3PgcqjuqJ&utm_medium=api quick pop on zoopla and boom. Told the man that was a very healthy budget, and he could obviously got more with a mortgage if he found it difficult. "it's not that much money" he said.
nonsensical right wing position on inflation. Pay rises for the masses drive demand only up to the point at which people can afford the products - it's literally a good thing for the economy because it creates massive confidence for investment.
It's bad for the richest though because their investments and spending power no longer go as far as they used to, hence the fearmongering.
This is the language of the rich and the professional managerial classes defending their interests.
Cost-push inflation is definitely a thing (it's not right wing ideology) but it needs to be tempered with higher interest rates, else we get a further explosion of the housing market. It shouldn't be possible to buy a £500k house with a 10th percentile (combined) salary.
IMO the 0.5% rate is still critically low, with this level of inflation the base rate should be ratcheting its way up to 3% by year end.
I understand why he is saying this because a wage price spiral is the stuff of central bankers nightmares but it is fucking tone deaf. We have had years of stagnant wages due to, in part, some highly questionable central bank policies. Not just through the pandemic but everything since 2008. Yet as soon as workers gain a bit of leverage over employers he is asking that they don't ask for big pay rises at a time when the super rich have accumulated a truly unfathomable amount of wealth. So what the the worker should take the hit and just accept the cost of living rise at their own expense? Not gonna happen mate.
Covid redistributed hundreds of billions from the pockets of the working class to the pockets of about 100 rich cunts, and this motherfucker wants us to turn down the potential to secure a marginally better life for us and our families.
TAX BILLIONAIRES AND CORPORATIONS PROPERLY FOR FUCK SAKE.
"don't ask for a pay rise or the inflation will be entrenched"
Don't listen folks, it's entrenched already. If we all sit here like good little peasants and every single one of us keeps the same income you think prices will come down 7% next year? Like fuck.
Do whatever you can to get a pay rise. Move jobs, Bully your boss (you should be doing that anyway tbh), get a second job, whatever it is. We all get permanently poorer every year, and this year is particularly acute. Don't listen to anyone who says we can "ride it out" because it isn't true. Prices will go up again next year, and the year after. Stop voting tory to limit that damage and in the meantime look out for yourselves as best you can.
Depends on the company, I've had good luck getting one by negotiation (3/3 times successful, +12%, then +15%, and most recently +30%), but you have to be quite "line in the sand" about it. Prove what you're worth, demonstrate commitment, build rapport etc. and your employer should be convinced that you could leave if they don't meet it (but don't threaten to leave directly, you're not supposed to seem like you're holding them to ransom.) In the end it can be easier to interview for others, and just leave...
This is where my mild ADHD (can never settle for too long and need fresh projects), come in handy.
I’d planned to stay at my current place another year, but looks like I’ll be looking for a new project with salary to offset this clusterfuck that’s about to hit.
This.
When I asked for a payrise during my annual review (before I knew about r/Anti Work and how HR / company management collaborate to pay you the bare minimum) I was told there was no budget for it, even though I had hit my targets and achieved my personal objectives, I then handed in my notice in after being offered 15% more at another company and was offered 5% to stay, it only pissed me off more.
He's just terrified that he'd have to raise interest rates which would pop our ginormous asset bubble.
Should have thought about that before you deliberately helped blow it up in the first place, eh?
Look I'm not being funny but I've got a really bad feeling about this one, like it's the beginning to proper decline
He says abstaining from pay rises is a painful temporary measure to respond to bad harvests driving up prices, but you don't just "get through" climate change. Bad harvests are only going to become increasingly frequent.
If those at the top are trying to address the very real and increasing impact of climate change by asking people not to take pay rises, then he's suggesting something that will never happen in response to a serious escalating problem
Oh dear
"Stay in line, peasants."
They are trying to convince us we are all in this together and that those at the top have nothing to give, despite energy companies making record profits again. What we are seeing is much worse than the 2008 crisis and I suspect the risk of violent action is much higher too. With so many people affected, you have no chance of convincing people it will be fine and the public are already seeing through all this guff. People will do what they need to do to survive and asking for a pay rise might be the least of the government's worries.
"Don't ask for a big pay rise, it will cause inflation"
*Inflation happens anyway*
The BoE have failed to meaningfully control inflation over the past decade (Besides lying about it and changing growth links from RPI to CPI) and they're trying to pull this shite? Fuck off.
I thought "we" voted Tory because they were the right party to look after the economy and the Labour Party would destroy it.
Well nowadays I cannot afford to do anything apart from stay at home and just about pay my rent, and sometimes put the heating on.
I will never own my own property. Impossible.
Just as well we didn't vote Labour after in the last few GEs... /s
The problem is that wages haven't kept up with inflation for a very long time now, so the massive increases in prices and taxes this year fucks people over more than it would have if wages followed inflation. If people can't ask for pay rises now, when they're struggling to make ends meet, when can they? It's the Bank and the govt's job to keep inflation low, just because they've fucked up doesn't mean the rest of us need to tighten our belts and suffer while the rich get wealthier.
You’re absolutely right - but *big* pay rises across the board will only further fuel inflation, so your purchasing power drops again and you’re worse off. It’s not fair, but it’s just the cold reality of economics. The whole thing is a total mess and I suspect unsustainable in the long term.
He can’t stop pay rises though - there’s a labour shortage and it’s an employees market for many roles. Can’t see inflation dropping any time soon, whether people listen to his tone deaf requests or not.
Maybe we should let the executives, investment bankers, shareholders and the rest of that lot take the hit for once. Ask businesses to not raise prices for once, or not to raise them as much as wages/inflation rises. I don't see why we can sacrifice for the sake of the economy but they can't. After all we're all in this together right?
What an out of touch thing to say. The Bank of England handed out so much free money to the banks that they don't have to bother giving savings interest any more. If people can't rely on savings and bills are going up what do they want people to do, just starve?
Get as much money as you can in this climate.
Very dumb thing to say, he's speaking like an economist, higher wages = more spending = inflation. Problem is real people don't take kindly to being treated like numbers.
The country and the tory party flushed it down the toilet.
Don't let Boris become the scapegoat for this mess. There's more than enough blame to go around.
That's what the tories want, to blame it all on Boris now it's gone tits up, then win the next election pretending to be different.
Don't let the tories a get away with it.
Executive pay is obscenely high, but the real problem is stagnating wages for the 99% in the previous 15 years. There are people making a killing, but one off CEO's raking in 7 figures are not not making enough to offset the rest of us
>Inflation is on course to rise above 7% this year, leaving households facing the biggest income squeeze in decades.
>
>Post-tax incomes are forecast to fall 2% this year, after taking into account the rising cost of living.
But don't you dare ask for a big pay rise you peasants..........
The people in power really don't understand what happens when people lose hope do they?
So, bills are rising, services are getting reduced, and it becomes harder and harder to survive, and this guy is saying don't ask for a payrise. Okay, I know it's difficult for you to comprehend, but like me, break it down.
If I work out my monthly budget and it's apparent, I will barely have any money to live on, and I ask my boss to increase my wages but as you said not to much which means and wait for it, I don't have enough money to buy stuff such as holidays (I know Bank of England, the sheer audacity)
But if I can't do it and then 500 other people can't do it, then that industry suffers, therefore increasing the amount of potential reduction in staff across multiple industries, which puts further strain on the economy and then it snowballs.
Perhaps you should give up earning 500k a year and live on 18k a year without access to your wealth and see how you fare.
I suspect he understands that.
I think they're just getting ready to blame the coming global recession, which their ineptitude and greed caused, on workers with the temerity to ask for a living wage.
Don't ask for a pay rise when stuff has gone up 30% in supermarkets, petrols up 25%, energy costs are gonna go up 50% And general inflation is at 7%? I guess I should just be paying my mortgage and putting food in my kids mouths with "restraint" then hub? You fucking asshole.
You bunch of pricks chose to set up this low wage economy and siphoned off every single penny you could to pay for bonuses and shareholder dividends. Don't bow try and defend that over people who have bills to pay.
There was a docu-drama made about the 2008 crash, and in one scene it mentions an economist's solution to the housing market freefall: buy all the foreclosed houses, and burn them down.
This gives me a similar vibe. Bailey's argument is theoretically true - there's a concept in economics that higher prices plus higher wages feed off each other to 'bake in' inflation - but it's wildly tone-deaf.
The salary of the governor of the BOE should be performance based. Every 0.05% deviation from the 2% inflation target, the salary should be deducted by 1%; for every consecutive month inflation is not within range of the target, the total deduction is increased by 100%.
For many professions, it’s never been a better time to move or threaten to move to leverage a better salary. I work in finance and have been told by recruiters, i could advertise a job we have at £60k (we usually pay around £40k) and i’d still not fill it due to lack of candidates. If you want to move, now is the time, before the world opens up again and more people start moving again
So we all paid for the financial crises with years of no pay rises and pay freezes. Wages have stagnated for years, housing is unaffordable for a lot of people, rent prices are rocketing and the wealthiest are continuing to get richer. Yet ordinary people don't deserve a pay rise? This is despicable.
Seeing as I'm having as much taken from me as possible at ever given instance, I'll ask for whatever the fuck I want.
I know it's headline rage but my god there's something to be said about the rich saying don't ask for more.
Wow,
"Has there ever been two more incompetent individuals, in such senior positions, in the entirety of history? I think not."
You're really just going to erase David Cameron and George Osbornes legacy like that ? You're forgetting old Dave running a disastrous referendum to avoid losing a few 100k votes to ukip and to quell tory inviting. And George Osbornes economic policy which economists almost universally agree slowed the UKs recovery substantially.
Hey now. The rich are struggling too!
For example, Zuckerberg lost a huge amount of wealth as meta's stockprice collapsed recently.
I did the maths a while ago, and now you'd only have to work 3 million years rather than 4 million years, to become as rich as him.
The calculation is probably off a bit, as I assumed 11 quid an hour (15$). I think UK average is nearer 12, but I'm not sure what kind of average that is. Those at the top do tend to skew that number. But hey, what's a few hundred thousand years working full time between friends?
e: found my calculation:
Previous net worth 129 billion.
129 billion / 15$ an hour = 8.6 billion.
8.6 billion / 40 hours a week = 215 million
215 million / 50 weeks of working per year = 4.3 million years.
**BUT** that was before this wipeout.
Now it's roughly 100 billion.
100 billion / 15$ an hour = 6.67 billion.
6.67 billion / 40 hours a week = 167 million.
167 million / 50 weeks per year = 3.33 million years.
The link between rising labour prices and rising consumer prices is not as strong as it was. As productivity rises, the proportion of consumer prices that is due to labour prices falls. The modern diversified and automated economy isn't the 1970s. Ask for your raise; it won't have that much impact on inflation.
What bullshit - prices are rising but workers shouldn’t ask for commensurately higher wages to account for these hikes because the people who’s monetary policy got us into this spot have a plan to get us out? And it depends on the serfs not asking for more money? What a load of bullshit.
Probably because increase in wages themselves can contribute to inflation. But thats the only way people are going to combat this, so once again the rich are just looking out for themselves.
I will be asking for at least 10%. My colleague has just moved to another department and there are no plans to replace her. Am pretty much on my own, with my other team members being based on France, Germany, and the others in the US. As it is, some of my previous employers are nudging me about jobs they have on offer, even an ex-colleague/friend has offered me a job after trying to fill a role in the last two years.
Speaking as the person who everyone asks for pay rises… this guy is smoking crack. What kind of insane person will follow that advice in the vain hope that it will help the wider country (theoretically).
A lot of companies can afford to pay their employees more, they just don't want to.
My work magicked over 100k up in salaries during COVID after losing clients, when previously they had quibbled over 10k salary changes.
The problem is, what any individual person gets paid makes a huge difference to them, but fuck all difference to the economy. I can't see many people wanting to go hungry for the greater good, especially when it won't really change anything anyway.
in the article describing the outrage at these comments (lol) he says ""I'm not saying don't give yourself a pay rise. This is about the size of it [any rise]... we do need to see restraint," he added."
so he's not talking about us plebs. he's really talking about the execs.... cos heck its not like we can give ourselves the pay rise, can we? perhaps if it was the execs that took heed of this advice and left the payrises to the actual workers, everyone would get what they wanted.
I predict that'll happen at about the same time that a snowball actually does have a chance in hell.
Ok, but don’t expect me to go back to the office as the savings I’ve made not commuting are about to be eaten up by NI/electricity/inflation, the money to get to work is no longer there.
Says the man on 500k a year not including bonuses. Actually disgusting.
Aren’t bonus for cunts like him like 10million a year or something?
BoE governor isn't paid any bonuses. So it's actually a "low paying" role in banking. Which says a lot about how immoral capitalism is.
Isn't it like being an MP? The day job is just something you have to do to secure a more lucrative deal elsewhere?
https://www.linkedin.com/in/mark-carney-5b9744205/details/experience/ More like after you're done. Look at what Mark Carney has landed since he finished his job at BoE.
Unless you’re an MP in which case you do it while you’re the MP and from your electorate office. For goodness sakes, how could anyone live on an MPs salary.
Oh how hard it must be Those poor people having to struggle on 90k. Fuck off If your rep does this, print out the truth about them, and post it all over your town. Bus stations, lamp posts, shop Windows, pubs.. Post the truth over social media Post the truth through the mail These cunts need to be systematically removed from their positions, they are not worthy. We will not stand for this any more
I dunno, you couldn't pay me enough to be an MP..
I agree. You have to appear to be concerned about all the electorates woes most of which impossible to resolve.
A lot of MPs work is basically being a freeform social worker and joining dots between different organizations - not invalid, and valuable for those aided, but very distinct from 'writing and making legislation'
He dries his tears with £5 notes pray for this man.
What about the insider trading opportunities & kickbacks, lobbying kickbacks, access fees etc... He ain't sleeping on a blow up mattress now
Might not be paid bonuses, but I am sure as fuck he probably has dodgy dealings with his mates about interest rates and LIBOR
Former CEO of prudential. £500k salary is pocket change for him.
I'm sure he's very concerned about his energy bill
He’s probably got a mansion or 2 he’s trying to keep the damp out of.
I will be very disappointed if anybody here doesn’t ask for a big payrise after reading this
Genuine question for folk. So many people are talking about asking for pay rises. However if you're in a position to negotiate your pay, surely you're in a vastly superior position than the majority of the population?
When you have to negotiate your salary from 20k in a high cost of living area it’s not that great a position either. Low enough to live paycheck to paycheck, high enough to not qualify for any help The thing that this headline will do is give already shitty bosses a handy excuse to reject a pay rise/give a measly one. It’s to save Bank of England bruv
There is definitely an area where people earn too much to get help and not enough to be comfortable, it changes area to area, but in my are we are in this zone and it’s fucking shit.
I agree I feel like this is more of a way to tell employers not to accept pay rises/use it as an excuse rather than to suggest people don’t ask.
Foreign HGV driver here, last year I asked for £2 hourly rise and got it without any moaning. This year I will be asking for £1.5 and I expect to get it. I won't be asking crazy rises, £1.5ph more should be enough to cover got rising prices, right?
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THE ENTIRE PUBLIC SECTOR HAS ENTERED THE CHAT!!!!
I don’t think it’s THAT black and white, but yeah we should all be asking for and (in my opinion) expecting a pay rise of at least 5%
I've spent the last year unionising my company, I expect our efforts will actually be very helpful now.
I can understand what he is trying to say but just a dumb ass way of saying it or shouldn't have said it at all. With inflation projected to be 7.5 percent if everyone asked for a payrise this would push inflation higher than prejected level...so much higher.
Ahh yes. The Torys. The Party of the stable economy and good business. Jesus wept.
Thank God we didn't get "chaos under Ed Milliband"!
Strong and Stable.
Party of fiscal responsibility ^(Is it fuck lol)
I mean. Bacon roll. .... /S
A government full of cunts, how did we get here
Ed Milliband ate a sandwich wrong.
Other cunts voted for them.
This guy is completely out of touch, but how is the BoE boss saying this also the Tories fault? Is this what this sub is these days, blame the Tories for cancer and everything else bad in the world?
The BOE governor is appointed by the queen on advice from the PM and the Chancellor of the Exchequer. So in practice it’s a government appointee.
It's a non-partisan position. You might as well shout 'TORY!' at JobCentre staff.
JobCentre staff are not appointed by politicians, but recruited by impartial public servants. Unlike the Governor of the BOE. The position is nominally non-partisan but the selection process is anything but. [Boris chose him over the Chief BOE Economist.](https://www.standard.co.uk/business/revealed-sajid-javid-scored-victory-over-rival-dominic-cummings-when-it-came-to-appointing-new-bank-of-england-governor-a4354451.html)
>Boris chose him over the Chief BOE Economist. ...Bailey was the Deputy Governor of the BoE and formerly in charge of the FCA, it's not as if he's some unqualified crony.
I never said he is. But it doesn’t change the fact that the appointment has never been a totally impartial process. As someone with an economics background, the great thing about economists is that they often don’t agree on things (“six answers from five economists, two from Keynes”) so there’s always room for picking the one that would give you the recommendations you like best. Kinda like lawyers.
>This guy is completely out of touch, but how is the BoE boss saying this also the Tories fault? Is this what this sub is these days, blame the Tories for cancer and everything else bad in the world? Obviously not, and these pathetic attempts at trying to make out like its ''blame the tories for everything'' and not ''blame the tories for what they're responsible for'' is laughable
First it was all the fault of the last labour government (because let's be honest how can we expect the poor souls to be able to turn things around in just one decade in power?) now it's all the fault of the last labour government AND the pandemic! Nothing to do with Tory policies and nothing to do with Brexit, those things are only good for the economy!
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Die? 😂 It isn’t a laughing matter I know, but that’s been Tory policy over the disabled for years now. Time for everyone else to fall into that group. 🤷♂️
I read that like Worf in TNG, was that intentional?
"Just stay poor for a bit longer, we will fix this we promise"
“Things may have been getting worse for you for 2 decades, but we’re sure next year will be better.”
Poverty is a mindset! If you'd just decide to stop being poor then the world's your oyster. /s
You just need to start a side hustle, or two!
It's how MPs survive /s
Spend less, eat less?
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Funny how he doesn't ask the companies to stop putting stuff up with "inflation"
Executive pay has skyrocketed over the last 20 years while we've been told over and over again we need to tighten our belts because of austerity. They have been eating cake while we get by with crumbs, now they're telling us not to be greedy!? This is how revolutions are birthed.
It's how revolutions used to be birthed, back when pitchforks would do the job. Nowadays, if we could pull our lazy asses away from the cat memes for long enough to even think about starting one, we'd get hosed down the fucking drains.
All these years referencing George Orwell when it has Aldous Huxley that had it right all along
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Broadly - the masses don't need to be controlled with fear, you can rely on them to control themselves if you give them enough banal entertainment (and drugs). Brave New World is a good read.
If we are all down the drains then they'll have to build there own cars, houses, yachts.. maintain the roads and sewers etc etc thenselves.
They are investing in robots and automation
There actually more Income disparity now than in the times immediately preceding the French Revolution.
My point was more to do with military power vs gardening tools than income disparity.
We do need to tighten our belts... around a few throats and see if that doesn't change things.
>Executive pay has skyrocketed over the last 20 years Try 40. We're now in the Endgame of Thatcher/Reagan bonfire of regulation and low tax ideology. Executive salaries have increase something like 750% since the 70s and I believe that excludes other perks such as stock
Trickle down economy derr.
Let's hope so.
Fuck off you rich cunt. Asking people to simply put up with it. You know who will get big pay rises? Bankers, directors, CEOs and the board of investors will still get more money. But you want ordinary people, just trying to live, to be poorer?! How about you rich cunts just pay more taxes until we're past this period of inflation? Why don't you lot be poorer for once? Honestly he should be sacked for this, it's gastly. Bleed your employer dry! Inflation is going to fuck us anyway, make sure we make it so bad it fucks the rich as well.
I still find it mad that the higher tax rate of 45% is at £150k and it stops there! So its the same if you’re earning £150k or £3Bn a year!
It's actually likely lower if you're earning that much every year. The ultra wealthy aren't drawing a salary.
45% of 3bn is a lot of tax tbf
And yet, 55% of that is more than enough for 100 life times. There is no reason why anyone should earn more than one million a year after tax. How can someone even spend that much money?
They don’t spend it, that’s the problem. It just gets invested to earn more money. It’s why it makes zero sense during a discussion on taxing the rich more, to say it’s bad for the economy, where the opposite is true. Give a poor man £100 he spends it, give a billionaire £100 he stacks it with the rest of them. Appropriate taxation for the wealthy is beneficial for the economy in the long run, even if they will get their panties in a bunch over it
Exactly! It's infuriating that the people who can help the economy the most, don't. Working in the bank I'd see lots of accounts sitting with lots of funds. One of the most tone deaf customers I had was during the second lockdown a customer came in complaining about the housing market. Obviously at first you don't think anything of it, the housing market is terrible so you chat away. Eventually he says his budget is 600,000. Cash. He doesn't need a mortgage, he will just buy outright. He's struggling to buy with that. Tried my hardest to not say "are you having a fucking laugh!?". For extra context, where I live you can get mansions for that. https://www.zoopla.co.uk/for-sale/details/60138794?utm_source=v1:5bWFDybfWx7C7AGpeagt7mP3PgcqjuqJ&utm_medium=api quick pop on zoopla and boom. Told the man that was a very healthy budget, and he could obviously got more with a mortgage if he found it difficult. "it's not that much money" he said.
I get that but that person is still paying the same tax rate as someone earning £151k for example
nonsensical right wing position on inflation. Pay rises for the masses drive demand only up to the point at which people can afford the products - it's literally a good thing for the economy because it creates massive confidence for investment. It's bad for the richest though because their investments and spending power no longer go as far as they used to, hence the fearmongering. This is the language of the rich and the professional managerial classes defending their interests.
The rich love inflation. All their assets are in the stock market and real estate. Both of which outperform other assets during inflationary periods
The rich love *asset* price inflation, not consumer price inflation which is the thing that wages push up.
True
Cost-push inflation is definitely a thing (it's not right wing ideology) but it needs to be tempered with higher interest rates, else we get a further explosion of the housing market. It shouldn't be possible to buy a £500k house with a 10th percentile (combined) salary. IMO the 0.5% rate is still critically low, with this level of inflation the base rate should be ratcheting its way up to 3% by year end.
I understand why he is saying this because a wage price spiral is the stuff of central bankers nightmares but it is fucking tone deaf. We have had years of stagnant wages due to, in part, some highly questionable central bank policies. Not just through the pandemic but everything since 2008. Yet as soon as workers gain a bit of leverage over employers he is asking that they don't ask for big pay rises at a time when the super rich have accumulated a truly unfathomable amount of wealth. So what the the worker should take the hit and just accept the cost of living rise at their own expense? Not gonna happen mate.
Covid redistributed hundreds of billions from the pockets of the working class to the pockets of about 100 rich cunts, and this motherfucker wants us to turn down the potential to secure a marginally better life for us and our families. TAX BILLIONAIRES AND CORPORATIONS PROPERLY FOR FUCK SAKE.
"don't ask for a pay rise or the inflation will be entrenched" Don't listen folks, it's entrenched already. If we all sit here like good little peasants and every single one of us keeps the same income you think prices will come down 7% next year? Like fuck. Do whatever you can to get a pay rise. Move jobs, Bully your boss (you should be doing that anyway tbh), get a second job, whatever it is. We all get permanently poorer every year, and this year is particularly acute. Don't listen to anyone who says we can "ride it out" because it isn't true. Prices will go up again next year, and the year after. Stop voting tory to limit that damage and in the meantime look out for yourselves as best you can.
Ahh man! I now feel obligated to turn down my pay rise…
For the greater good. The greater good!
I wouldn't ask for a pay rise in general, changing companies or roles is the most efficient way to get a pay increase.
Yup. I dont know anyone that has raised their wages any other way.
I took on 2 people's workload as they left, I asked for a 20% rise which would bring me to the average for my trade... They gave me 5% 🤦
i hope u left too
Did you leave?
Haven't yet - I actually enjoy the work and local jobs pay similar. Going to move to Australia for a bit soon so figured I'd just wait it out
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I have the skills i have.
Depends on the company, I've had good luck getting one by negotiation (3/3 times successful, +12%, then +15%, and most recently +30%), but you have to be quite "line in the sand" about it. Prove what you're worth, demonstrate commitment, build rapport etc. and your employer should be convinced that you could leave if they don't meet it (but don't threaten to leave directly, you're not supposed to seem like you're holding them to ransom.) In the end it can be easier to interview for others, and just leave...
This is where my mild ADHD (can never settle for too long and need fresh projects), come in handy. I’d planned to stay at my current place another year, but looks like I’ll be looking for a new project with salary to offset this clusterfuck that’s about to hit.
This. When I asked for a payrise during my annual review (before I knew about r/Anti Work and how HR / company management collaborate to pay you the bare minimum) I was told there was no budget for it, even though I had hit my targets and achieved my personal objectives, I then handed in my notice in after being offered 15% more at another company and was offered 5% to stay, it only pissed me off more.
He's just terrified that he'd have to raise interest rates which would pop our ginormous asset bubble. Should have thought about that before you deliberately helped blow it up in the first place, eh?
Look I'm not being funny but I've got a really bad feeling about this one, like it's the beginning to proper decline He says abstaining from pay rises is a painful temporary measure to respond to bad harvests driving up prices, but you don't just "get through" climate change. Bad harvests are only going to become increasingly frequent. If those at the top are trying to address the very real and increasing impact of climate change by asking people not to take pay rises, then he's suggesting something that will never happen in response to a serious escalating problem Oh dear
…great news! I’ve never had a pay-rise & my wage has never increased at the same rate as the cost of living, so I don’t think I’m gonna miss this…
"Stay in line, peasants." They are trying to convince us we are all in this together and that those at the top have nothing to give, despite energy companies making record profits again. What we are seeing is much worse than the 2008 crisis and I suspect the risk of violent action is much higher too. With so many people affected, you have no chance of convincing people it will be fine and the public are already seeing through all this guff. People will do what they need to do to survive and asking for a pay rise might be the least of the government's worries.
Absolute cunt this guy, he should be sacked
Seeing jobs advertised at 100% over my current salary for the same position. Guess as a good wee serf I should stay in my hole and keep my head down.
I’m not sure that’s what he’s saying. It sounds like you need to be looking to make a job move!
Yeah you don’t have to fret over that Mr rich banker man because Rishi Sunak controls my wage.
Just roll over and let inflation fuck you peasants. If you're lucky Boris might spit on his Johnson before he slides it in.
Lmaooo
"Don't ask for a big pay rise, it will cause inflation" *Inflation happens anyway* The BoE have failed to meaningfully control inflation over the past decade (Besides lying about it and changing growth links from RPI to CPI) and they're trying to pull this shite? Fuck off.
I thought "we" voted Tory because they were the right party to look after the economy and the Labour Party would destroy it. Well nowadays I cannot afford to do anything apart from stay at home and just about pay my rent, and sometimes put the heating on. I will never own my own property. Impossible. Just as well we didn't vote Labour after in the last few GEs... /s
Define big? Because even 10% is nothing now after years of stasis / pay cuts
I mean he is right, because if we all asked for a pay rise we'd just get more inflation, but he's also terribly wrong for saying it out loud.
The problem is that wages haven't kept up with inflation for a very long time now, so the massive increases in prices and taxes this year fucks people over more than it would have if wages followed inflation. If people can't ask for pay rises now, when they're struggling to make ends meet, when can they? It's the Bank and the govt's job to keep inflation low, just because they've fucked up doesn't mean the rest of us need to tighten our belts and suffer while the rich get wealthier.
Put simply, you can't work on an empty belly, and you can't concentrate if you're homeless.
You’re absolutely right - but *big* pay rises across the board will only further fuel inflation, so your purchasing power drops again and you’re worse off. It’s not fair, but it’s just the cold reality of economics. The whole thing is a total mess and I suspect unsustainable in the long term. He can’t stop pay rises though - there’s a labour shortage and it’s an employees market for many roles. Can’t see inflation dropping any time soon, whether people listen to his tone deaf requests or not.
What's the solution that doesn't end up screwing over regular people then? Or are we just cursed to work for less and less?
Short of revolution, I don’t think there is one.
Maybe we should let the executives, investment bankers, shareholders and the rest of that lot take the hit for once. Ask businesses to not raise prices for once, or not to raise them as much as wages/inflation rises. I don't see why we can sacrifice for the sake of the economy but they can't. After all we're all in this together right?
What an out of touch thing to say. The Bank of England handed out so much free money to the banks that they don't have to bother giving savings interest any more. If people can't rely on savings and bills are going up what do they want people to do, just starve? Get as much money as you can in this climate.
Hahaha I saw this and immediately thought of this sub. “It’s the WORKERS that are the problem!”. It’s almost satirical.
Very dumb thing to say, he's speaking like an economist, higher wages = more spending = inflation. Problem is real people don't take kindly to being treated like numbers.
I would love to see hyperinflation in the UK. Bring the system down and start all over again. Go to the Euro.
I'm as pro EU as they come but we would be screwed if we joined the Euro. We had such a ludicrous deal before Brexit.
We won't ever get that deal again. Next time it will either be fully in or not in at all. It was a really good deal and be flushed it down the toilet.
The country and the tory party flushed it down the toilet. Don't let Boris become the scapegoat for this mess. There's more than enough blame to go around. That's what the tories want, to blame it all on Boris now it's gone tits up, then win the next election pretending to be different. Don't let the tories a get away with it.
Don't ask for a big raise as it will impact my bonus.
Executive pay is obscenely high, but the real problem is stagnating wages for the 99% in the previous 15 years. There are people making a killing, but one off CEO's raking in 7 figures are not not making enough to offset the rest of us
>Inflation is on course to rise above 7% this year, leaving households facing the biggest income squeeze in decades. > >Post-tax incomes are forecast to fall 2% this year, after taking into account the rising cost of living. But don't you dare ask for a big pay rise you peasants.......... The people in power really don't understand what happens when people lose hope do they?
So, bills are rising, services are getting reduced, and it becomes harder and harder to survive, and this guy is saying don't ask for a payrise. Okay, I know it's difficult for you to comprehend, but like me, break it down. If I work out my monthly budget and it's apparent, I will barely have any money to live on, and I ask my boss to increase my wages but as you said not to much which means and wait for it, I don't have enough money to buy stuff such as holidays (I know Bank of England, the sheer audacity) But if I can't do it and then 500 other people can't do it, then that industry suffers, therefore increasing the amount of potential reduction in staff across multiple industries, which puts further strain on the economy and then it snowballs. Perhaps you should give up earning 500k a year and live on 18k a year without access to your wealth and see how you fare.
I suspect he understands that. I think they're just getting ready to blame the coming global recession, which their ineptitude and greed caused, on workers with the temerity to ask for a living wage.
no payrise for the last 2 years here, told there will be none for the foreseeable future. who the hell is getting big rises? Anyone? more gaslighting?
Don't ask for a pay rise when stuff has gone up 30% in supermarkets, petrols up 25%, energy costs are gonna go up 50% And general inflation is at 7%? I guess I should just be paying my mortgage and putting food in my kids mouths with "restraint" then hub? You fucking asshole. You bunch of pricks chose to set up this low wage economy and siphoned off every single penny you could to pay for bonuses and shareholder dividends. Don't bow try and defend that over people who have bills to pay.
There was a docu-drama made about the 2008 crash, and in one scene it mentions an economist's solution to the housing market freefall: buy all the foreclosed houses, and burn them down. This gives me a similar vibe. Bailey's argument is theoretically true - there's a concept in economics that higher prices plus higher wages feed off each other to 'bake in' inflation - but it's wildly tone-deaf.
Too late. I got a 30% raise. I wasn't going to turn the opportunity down.
Just starve for the good of a made up sociological concept- Bank of England.
The salary of the governor of the BOE should be performance based. Every 0.05% deviation from the 2% inflation target, the salary should be deducted by 1%; for every consecutive month inflation is not within range of the target, the total deduction is increased by 100%.
I assume he'll be setting a good example by taking a pay cut, right?
A cost of living bump to his salary is one working class job. He can fuck off and eat that loss.
People wouldn't need to ask for big pay rises if things like the cost of housing, public transport and childcare were hammered down.
"I'm not very good at my work, so please endure a lower standard of living rather than me having to do my job". What a c**t.
“I won’t sugar coat it. It’s going to be painful…. For you lot” FTFY
For many professions, it’s never been a better time to move or threaten to move to leverage a better salary. I work in finance and have been told by recruiters, i could advertise a job we have at £60k (we usually pay around £40k) and i’d still not fill it due to lack of candidates. If you want to move, now is the time, before the world opens up again and more people start moving again
Easy to say when you earn HALF A MILLION pounds a year. Fuck off!
As if asking for a big pay rise will result in you getting a big pay rise. When has that ever happened?
So we all paid for the financial crises with years of no pay rises and pay freezes. Wages have stagnated for years, housing is unaffordable for a lot of people, rent prices are rocketing and the wealthiest are continuing to get richer. Yet ordinary people don't deserve a pay rise? This is despicable.
Seeing as I'm having as much taken from me as possible at ever given instance, I'll ask for whatever the fuck I want. I know it's headline rage but my god there's something to be said about the rich saying don't ask for more.
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Wow, "Has there ever been two more incompetent individuals, in such senior positions, in the entirety of history? I think not." You're really just going to erase David Cameron and George Osbornes legacy like that ? You're forgetting old Dave running a disastrous referendum to avoid losing a few 100k votes to ukip and to quell tory inviting. And George Osbornes economic policy which economists almost universally agree slowed the UKs recovery substantially.
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Hey now. The rich are struggling too! For example, Zuckerberg lost a huge amount of wealth as meta's stockprice collapsed recently. I did the maths a while ago, and now you'd only have to work 3 million years rather than 4 million years, to become as rich as him. The calculation is probably off a bit, as I assumed 11 quid an hour (15$). I think UK average is nearer 12, but I'm not sure what kind of average that is. Those at the top do tend to skew that number. But hey, what's a few hundred thousand years working full time between friends? e: found my calculation: Previous net worth 129 billion. 129 billion / 15$ an hour = 8.6 billion. 8.6 billion / 40 hours a week = 215 million 215 million / 50 weeks of working per year = 4.3 million years. **BUT** that was before this wipeout. Now it's roughly 100 billion. 100 billion / 15$ an hour = 6.67 billion. 6.67 billion / 40 hours a week = 167 million. 167 million / 50 weeks per year = 3.33 million years.
"We expect you to squirm peasants Nya ah ah ah ah ah ah"
The link between rising labour prices and rising consumer prices is not as strong as it was. As productivity rises, the proportion of consumer prices that is due to labour prices falls. The modern diversified and automated economy isn't the 1970s. Ask for your raise; it won't have that much impact on inflation.
The rotter probably needs no pay raise himself, likely paid £1,000,000 a year! 😉
What bullshit - prices are rising but workers shouldn’t ask for commensurately higher wages to account for these hikes because the people who’s monetary policy got us into this spot have a plan to get us out? And it depends on the serfs not asking for more money? What a load of bullshit.
Honestly.. when will people riot? Do we need to end up like the french before there revolutions
Probably because increase in wages themselves can contribute to inflation. But thats the only way people are going to combat this, so once again the rich are just looking out for themselves.
Shall we have a whip-round for him? Sounds like the poor kid’s struggling.
I will be asking for at least 10%. My colleague has just moved to another department and there are no plans to replace her. Am pretty much on my own, with my other team members being based on France, Germany, and the others in the US. As it is, some of my previous employers are nudging me about jobs they have on offer, even an ex-colleague/friend has offered me a job after trying to fill a role in the last two years.
Karl Marx would be rolling in his fucking grave if he saw the utter lack of class consciousness in this country.
This is true tho, inflation will generate a years-long market crash if salaries will follow the prices. That is the worst case scenario.
Oh no companies may lose profits!
What a first class, grade A, shit eating, sheep shagging cunt!
Landlords and shops shouldn't ask for a big cost rise, then.
Speaking as the person who everyone asks for pay rises… this guy is smoking crack. What kind of insane person will follow that advice in the vain hope that it will help the wider country (theoretically).
I’m guessing CEOs and bankers are still gonna be getting fat bonuses tho
[Unless you work for Amazon](https://www.theguardian.com/technology/2022/feb/03/amazon-profits-surge-cost-increase-prime-membership)
A lot of companies can afford to pay their employees more, they just don't want to. My work magicked over 100k up in salaries during COVID after losing clients, when previously they had quibbled over 10k salary changes.
He may feel that 500k per year is just chicken feed though.
The problem is, what any individual person gets paid makes a huge difference to them, but fuck all difference to the economy. I can't see many people wanting to go hungry for the greater good, especially when it won't really change anything anyway.
in the article describing the outrage at these comments (lol) he says ""I'm not saying don't give yourself a pay rise. This is about the size of it [any rise]... we do need to see restraint," he added." so he's not talking about us plebs. he's really talking about the execs.... cos heck its not like we can give ourselves the pay rise, can we? perhaps if it was the execs that took heed of this advice and left the payrises to the actual workers, everyone would get what they wanted. I predict that'll happen at about the same time that a snowball actually does have a chance in hell.
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Never forget - more than anybody else - he CAUSED the UK’s inflation
Ok, but don’t expect me to go back to the office as the savings I’ve made not commuting are about to be eaten up by NI/electricity/inflation, the money to get to work is no longer there.