Banking,  Britain Today,  Class warfare,  Economy

How ‘austerity’ works

The Royal Bank of Scotland has reported its fourth year of losses since the bank’s bailout in 2008…The bank posted an attributable loss of £2bn in 2011, up from a loss of £1.1bn in 2010…On a pre-tax basis, last year’s loss was £766m compared with £399m in 2010…Last year, the company’s share price fell 48% and now stands at under 30 pence…Despite that performance, the bank paid out £785m in bonuses to staff in total last year


Council workers in England, Wales and Northern Ireland will have their pay frozen for a third consecutive year. The Local Government Association confirmed a pay freeze for 1.6 million local government employees for 2012/13.

I know, I know. We need to pay bankers top whack to ensure we attract the highest calibre of mercenary wanker employee, and that the same obviously doesn’t apply in the case of the those caring for our elderly, helping out in our schools and working with offenders. I’m not fucking stupid.