Orders of magnitude

Ex-Labour Ministers get £1.2bn in pay-offs

Really?

Nearly 100 former Labour Ministers are in line for ‘golden parachutes’ of up to £28,000 each – despite leaving the public finances in ruin.

They are entitled to more than £1.2?million..

Ah….

But here\’s the bit that really amuses:

And Lord Mandelson, the former Business Secretary, gets the second-highest payment despite being twice forced to resign from the Cabinet over scandals. He will receive £26,589 – equivalent to the average annual pay in the UK.

For, you see, Mandy left office as an EU Commissioner in 2008. And for the next three years after leaving that office he gets a top up to his income. Whatever his income is, if it\’s less than a Commissioner gets, he gets it topped up to what a Commissioner gets.
So, he loses his Lords Ministerial salary….his subvention from Brussels rises. And he\’s been getting £78 k a year to top up that ministerial salary as well, while being a Minister.
So he really shouldn\’t be getting a pay off because he\’s not in fact losing any money.

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