Let's blame the City for all of our woes
It was inevitable but few thought that the government would actually utter the words which were heard at the Labour Party conference today as they sought to blame the City for everything which has gone wrong over the last decade. The City has been targeted by the government - with the strong backing of the Unions - in a rich versus poor, good versus evil battle to attempt to contain City wages and excessive City bonuses. But the City is not to blame for everything!
The government forget that they have gone cap in hand to City when they have floated off companies over the last decade, when they have needed extra funding for the budget and when PFI plans were in need of partners. While there is no doubt that City wages and bonuses can be excessive, this is a cut throat environment where your career can be cut short after only a few years - this is no cushy seat in the House of Lords or the Houses of Parliament.
To the person on the street the figures we see mentioned are out of this world but they do not see and feel the pressure that these City workers experience on a daily basis. Who do they think looks after their pension funds, their investments and is heavily involved in keeping the wheels of UK industry moving forward? They are not all spivs, they do not all short stocks and push prices lower but that is the image which suits the government at the moment.
Share this..
Related stories
Alistair Darling targets UK banks yet again
The continuous onslaught of negative press and negative headlines in relation to the UK banking sector continues today with Alistair Darling accusing the banks of a "kamikaze" attitude in relation to loans. He believes that the reckless lending of various banks in the UK, and around the world, ultimately led to the credit crunch and the ongoing recession which we are feeling now. But is the govern...
Read MoreHas the US economy turned the corner?
There was a sudden reduction in the U.S. trade deficit published today with the announcement of a $32.9 billion deficit for October against a "downwardly revised" figure of $35.7 billion for September. The main kicker for the improvement in the trading environment seems to have been a rise in exports, helped by the weak dollar, although the very fact US businesses seem to be experiencing an improv...
Read MoreDIY can be very cost-effective but.....
DIY is a pastime which is very common and very popular across the UK and while it can lead to significant cost savings and potential investment returns for those willing to take on DIY there are also opportunities to fall into very simple traps which could in the long-term cost you money. If you know what you're doing with regards to DIY around the home then by all means try to save yourself money...
Read MoreLand Registry figures show house prices continue to rise
House prices in England and Wales have risen for the fifth month in a row according to data released by the Land Registry. It would appear that the average property in the UK increased in value by 0.6% during October with the average UK property now back to levels seen last November. If we look back, October and November were the most difficult months for the UK financial system, UK property marke...
Read MoreAverage house purchase deposit hits over £80,000
27/01/2015 The Mortgage Advice Bureau (MAB) has released figures showing that the average house purchase deposit rose to over £80,000 in December. The average purchase deposit is now at its highest figure ever recorded by MAB's National Mortgage Index, rising 15% over the course of 2015 to reach £81,721 in December. The average purchase price for a property also rose to £252,990, which i...
Read More