Thursday, June 20, 2013

Austerity (for most)

Well how utterly non-shocking.   While the ever popular George Osborne, the UK's Exchequer, was cutting government expenses on the poor and middle class -- and cutting domestic spending so drastically as to turn recession into depression -- some people were not suffering.

Of course, they are the usual people.

Bankers’ bonuses soared to record levels in April as the Government’s cut in the top rate of income tax came into effect, new figures have revealed.

The disclosure provoked anger, with Labour accusing David Cameron of giving a “massive tax cut” to millionaires in the City at a time when ordinary families are seeing their incomes shrink.

And, like so many aspects of austerity it worked just as intended and the opposite of how it was advertised.

The surge in bonus payments could also have cost the Treasury tens of millions of pounds in lost tax revenues.
[cross-posted at Firedoglake]


Aaron said...

The people in the world with most of the money want ALL of the money and they will get it unless we the people do something drastic to stop it.

pansypoo said...

tinkle down strikes again.