Isn\’t it glorious, eh?

The financial and insurance sector paid out bonuses worth £14bn in the year to the end of March – the same as the previous year – with workers enjoying average bonuses of £12,500 last year, the Office for National Statistics said.

Just glorious!

Meanwhile, across the economy as a whole, bonuses of £35bn were paid, which was the same as the previous year.

Capital is sharing with labour that surplus value, that amount exploited from the sweat of the workers\’ brows.

No doubt the socialists will be elebrating getting closer to one of their avowed aims: To secure for the workers by hand or by brain the full fruits of their industry….

I mean, they will be, won\’t they?

5 thoughts on “Isn\’t it glorious, eh?”

  1. Those vile rent seekers working in finance taking advantage of Government guarantees and market failures.

    The right will surely be up in arms, just as they were over the rent seeking of unions and cartels.

    Hello..hello, is this thing on?

  2. I suppose it would be crass of me to point out that the people recieving the large bonuses may be employees but aren’t “workers” in any sense a socialist would recognise, but part of the employment structure relating to capital and its allocation?

  3. The other good thing about bonuses is that they’re paid as onshore income, attracting the full rate of tax and NI, unlike rewards to the owners of capital.

    On the other hand, LO and Pete have a point about the parasitic nature of the financial sector (not as it necessarily should be – clearly, banks and brokers are required – but as it is constituted in the developed world today).

    My hunch here is that in the US, where finance is mainly a domestic industry, it’s solely parasitic; in the UK, it probably boosts the British economy because companies across the world use the City for their finance needs (your man in the Citi and HSBC towers in Canary Wharf is more likely to be working on a Ukrainian mining deal than dealing with a company that makes & sells things in Britain).

  4. So Much For Subtlety

    Left Outside – “Those vile rent seekers working in finance taking advantage of Government guarantees and market failures.”

    Calling them rent seekers don’t make ’em so.

    3 Pete – “I suppose it would be crass of me to point out that the people recieving the large bonuses may be employees but aren’t “workers” in any sense a socialist would recognise, but part of the employment structure relating to capital and its allocation?”

    So how do socialists propose to allocate capital?

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