Labour slam Lord Hutton report on pensions
Angela Eagle MP, Labour’s Shadow Chief Secretary to the Treasury, said in response to the publication of Lord Hutton’s report on public sector pensions today:
This is a significant and very challenging report about the long-term affordability of public sector pensions.
But anyone reading this report needs to remember that the government has already pre-empted its findings by significantly increasing employee contributions. This is a second squeeze at a time when public sector workers already face a pay freeze and rising prices. The result is that public sector workers face making bigger contributions and working longer for smaller pensions – even before Lord Hutton’s report has been published.”
We will need to examine the proposals carefully alongside the government’s detailed response. We all know we have to make tough choices across the private and public sector too. But it would be deeply unfair for public sector workers to disproportionately bear the brunt of a global financial crisis that was caused by the irresponsible actions of the banks, who are getting a tax cut from the Conservative-led government this year.
Lord Hutton’s report has already done our public debate a service by laying to rest the myth peddled by David Cameron and Nick Clegg last year that public sector worker pensions are gold-plated. As his interim report previously pointed out, the average public sector pension in 2009/10 was worth £6,500 and in local government just £4,000. To call this gold-plated is an insult to public sector workers.
According to Lord Hutton’s interim report, the average public sector pension in 2009/10 was worth £6,497 and in local government just £4,052.
John Hutton: time for Labour to expel him?
Today, a report commissioned by one of the most radical right-wing governments in modern British history is being published. It recommends slashing the pensions of six million public sector workers while forcing them to contribute more and retire later.
It sums up the Government’s whole approach to the economic crisis that erupted three years ago. The pillars of any civilised society – our nurses, teachers and other front-line staff – will be forced to suffer while the banks have their balance sheets topped up by the government. And the face of this latest assault? The author of the report: John Hutton, New Labour’s former Work and Pensions secretary.
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Why is nothing being done about banks still ‘too big to fail’?
contribution by Lydia Prieg
Ever since the first taxpayer-funded bank bailout, the question on everyone’s lips is: “How can we ensure this never happens again?”
In response, politicians have enthusiastically espoused “resolution mechanisms”, which detail how large, failing banks could theoretically be slowly wound down over time in such a way that all losses would be borne by investors rather than taxpayers. However, this approach is severely misguided.
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If Libyan rebels want it, why aren’t we calling for a no-fly-zone too?
Why are progressives not getting solidly behind the broadening call for a no-fly-zone to give the free Libyan forces the air-cover they need in order to defeat Gaddafi’s regime?
The most crucial argument in favour is that the free Libyans, at least as manifested in the Transitional National Council in Benghazi (the fledgling caretaker-government-in-waiting), have themselves called for.
I have just been talking with a Libyan friend of mine who is fresh back from Benghazi. He tells me that the people of eastern Libya are strongly united on two points:
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FT editorial: call City’s bluff to move abroad
I missed this earlier… the Financial Times today has an astounding editorial comment.
It is also very spot on. An excerpt:
While everyone pays lip-service to the need for a safer system, not everyone’s commitment runs very deep. In recent months the financial sector has been lobbying ever more fiercely against structural change or higher capital requirements, arguing that the banks are pretty much safe as they are.
Institutions have warned that further regulation would simply result in defections to less onerous jurisdictions. HSBC is talking to its shareholders about whether it should move its domicile to Hong Kong. Standard Chartered has hinted that it might do the same.
Such threats should be faced down, not just because they are unreasonable but because they are of questionable credibility.
It is not clear what “moving abroad” actually means. Were a bank such as Barclays to shift its headquarters, the impact on the UK would surely be minimal as it would still do much of its business and pay taxes in the country.
What is more likely anyway is that rather than upping sticks altogether, some banks may reduce their new investments in Britain. This might make the City slightly less of a hot spot, but it would not be a disaster. And were it to be the price of financial stability, this would be a price worth paying.
This is the argument many on the Left had been making for years – that the City was holding governments hostage to low regulation and massive bonuses by threatening to move.
For the FT to say the government should call their bluff shows not only how shallow this threat is, but illustrates how little the FT thinks the banks have changed.
Tory: cllr a ‘foreigner’ with ‘lesbian hair’
The leader of the Conservatives on Hull City Council was slammed last week for his comments on Twitter, calling members of the public who opposed cuts at a council budget meeting a “collection of retards”.
It emerged later that numerous people in the public gallery had disabilities.
What is perhaps equally as shocking, however, are his previous comments to a council officer.
A standards inquiry heard that Councillor Fareham bullied Danish-born Inga Jorgensen, calling her “wonk” and a “foreigner”.
Jorgensen said he called her a “lesbian” for refusing to make him a drink and remarked she had “lesbian hair”.
How does this man still have a job? With the mother of a child with learning disabilities referring him to the Standards Board (again) he hopefully won’t for much longer.
Support calls for David Cameron to sack him by clicking “Like” below:
Do Conservatives really think they can take on doctors… and win?
contribution by Neil Foster
The Conservative-led government is determined to improve support for its health proposals, amid fears it has failed to convince the public of the need for such drastic changes.
It is not a coincidence that more and more doctors are speaking out against their plans at the same time. The Government faces the steepest of uphill battles because it mistakenly thinks this is about ‘the message’. It’s not. It’s about motives and in particular the trust of the messengers.
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‘Mr Cameron, how do you sleep at night?’
David Cameron was interviewed on the One Show today. It was up to the usual intellectual standards of day-time television.
But then the presenter Matt Baker slips this question in at the end…
Update: video replaced with one by Political Scrapbook
Priceless.
via Will Heaven
Rich Ricci: the class politics of £44m bonuses
Among the value propositions for the Grand National next month is Willie Mullins-trained The Midnight Club, who has demonstrated impressive stamina in a couple of outings in Ireland earlier this season. At 14-1 last time I looked, it could be worth having a few bob on him.
Yet even though the winner of Britain’s most prestigious steepchase will pick up £521.053 this year, success or failure will have little impact on the bank balance of owner Rich Ricci. And yes, that surname really is pronounced ‘richie’.
Rejoice! Cameron is planning to take over the No2AV campaign
David Cameron is seriously worried about losing the AV referendum. You don’t have to believe me on that, just listen to the whispers across the media landscape.
The upside looks to be that the Conservative party will effectively take over the No2AV operation and Cameron will front it. I am more than happy for this to happen. The downside is that they are planning to pour more of their City-backed money into the campaign.
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