#THREAD

In 2021, median pay for FTSE 100 CEOs fell to *just* 86 times that of the median annual wage for a full-time worker.

Although a huge gulf, it's quite a drop from the previous two years, when FTSE 100 CEO earnings were almost 120 times those of average UK workers! Image
This reduction reflects temporary pay freezes & bonus cuts announced by many companies after the initial #Covid19 lockdowns, with average CEO remuneration falling from a measly £3.25MILLION in 2019 to *just* £2.7MILLION in 2020! 🤯 Image
UK average earnings for full-time work also fell between 2019 & 2021, & the High Pay Centre said 2022 would be the first year in a decade when CEOs would need to work into the FOURTH DAY of the new year to earn the same amount an average worker would take home in the full year. Image
Public attitudes have also hardened: research conducted by the High Pay Centre and the polling company Survation found that a majority of people believed high earnings were the result of educational and social privilege, not a reflection of harder or more valuable work. Image
'Some of the lowest-paying jobs have played the most important role to keep society functioning through the pandemic. With the value of the UK economy reduced, there’s greater pressure to share what we do have more evenly. Vast CEO/worker pay differences are harder to justify.' ImageImage
The High Pay Centre think-tank is backing calls from unions & opposition parties for further policy reforms to discourage excessive pay at the top — including by requiring companies to bring elected worker representatives on to remuneration committees. Image
TUC Chief Frances O’Grady said the figures showed the need for “big reforms to bring CEO pay down to earth”, not only by including workers in pay committees but also by replacing incentive schemes for directors with profit-share schemes benefiting companies’ entire workforce. Image
Details from this article:

ft.com/content/8fafcf…

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More from @docrussjackson

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theguardian.com/media/2022/jan…
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#THREAD

Like religious fundamentalism, free-market fundamentalism is a cancer on the earth, its proponents ideological extremists.

The BIG LIE of the twenty-first century is that deregulated free-market capitalism is our salvation, rather than our perdition.
Nobody alive today has ever - or ever will - live in a purely free-market society.

Everyone on earth lives in countries characterised by a mixed economy, where markets coexist with government intervention, necessary to protect citizens from the cancer of free-market capitalism.
It's at this point that free-market fundamentalists & proponents of the BIG LIE start talking about communism or socialism, as though any purely free-market society has ever existed - it hasn't, anywhere, ever. These are usually idiots, often paid to protect an unethical system.
Read 19 tweets
30 Dec 21
FUN FACTS:

Carrie Symond's dad, Matthew John Symonds, was a co-founder of the Independent newspaper, is executive director of the 'Larry Ellison (just the ninth-wealthiest person on earth, with a fortune of $108 billion) Foundation', & of course, father-in-law to Boris Johnson.
Larrry Ellison is an interesting chap.

In December 2018, he became a director on the board of Tesla, Inc., after purchasing 3 million sharesm & as of December 31, 2019, Ellison owns 36.2% of the shares of Oracle Corporation - the second-largest software company in the world.
Ellison has been critical of Edward Snowden, saying: "Snowden had yet to identify a single person who had been 'wrongly injured' by the NSA's data collection".

In 2014 he hosted Libertarian Republican Senator Rand Paul at a fundraiser at his home.

businessinsider.com/larry-ellison-…
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30 Dec 21
A short #THREAD on Boris Johnson's time as Editor of the establishment-right mouthpiece, The Spectator, Chaired by failed GB "News" Chief Andrew Neil, & owned by toxic tax-avoiding right-wing billionaire libertarian crank Frederick Barclay, who also owns The Daily Telegraph.
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From 1999, Johnson established himself as a "colourful" editor.
A campaign to have Johnson selected in the safe seat of Henley saw rivals anonymously smeared as 'gay, alcoholic or suspiciously left-wing', & in the 2001, Johnson was elected MP for Henley. By 2004 he was vice-chair of the Tory party, & in Michael Howard's shadow cabinet.
Read 10 tweets

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