Monday, April 12, 2010

Vince is on the money

Vince Cable finds the sight of over 100 businessmen signing up against the increase in National Insurance "nauseating." Particularly offensive is seeing Sir Stuart Rose, the boss of M&S leading the charge. You see, as the Observer points out, M&S are paying Mark Bolland, their new CEO up to £15 million this year. The increase in NI will cost M&S £10 million, so if Mr Bolland could afford to live on just £5 million this year, there would be no effect on the staff or the £625 million annual profit.

You see, while the Tories are good at coming up with negative terms to describe taxes - the 'death tax' to describe a universal levy to cover the cost of social care or a 'jobs tax' to describe a small sharing of the economic pain with Britain's businesses.

Incidentally, if the Conservatives were to apply their multiplier limit proposed for the public sector, whereby a public sector leader would not be allowed to earn more than 20 times the salary of their lowest-paid employee, that £5 million pay packet would demand that the shop cleaners in M&S be paid £250k per annum.

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