Vistry proposed lifting Fitzgerald’s total take-home pay in August 2023, from £3.4m to £5.6m a year, which was 28 times the pay of the average worker.
If the average tea boy is on £200k that will make houses expensive.
Vistry proposed lifting Fitzgerald’s total take-home pay in August 2023, from £3.4m to £5.6m a year, which was 28 times the pay of the average worker.
If the average tea boy is on £200k that will make houses expensive.
I wish that schools had kept to teaching readin ritin and rifmatick.
They tried that for a while with Gove’s reforms and it was quite successful by international comparisons.
Of course Labour plans to undo it all because straight jackets or something.
It’s much more difficult to persuade people who can count to vote for them.
Young people in particular haven’t worked out that Labour hates them: trashing their education so they can’t be self-sufficient and then making it almost impossible to get a job because of employment taxes and laws to be on the safe side.
All they see is Labour crying crocodile tears for them whilst giving them handouts.
Teachers get bored doing the same stuff every year so need to branch out into things that interest them rather than concentrating on the important things that serve their students.
If only someone could design a system where only the people who were good at what they do got paid well…
It’s such a bogus, stupid measure, because it all depends on how a business runs things.
If you employ the tea boy, you get a different ratio to if you nip out to the caff next door. The caff isn’t in your employees. The average pay at McDonalds would be larger than most people imagine, because the burger flippers are employed by the franchises not McDonald’s. McDonald’s is doing things like managing franchisees, product development, marketing.
It’s like Theresa May’s thing about equal pay. If it’s embarrassing you, set up a separate company to employ the cleaners. XYZ Engineering sets up XYZ Cleaners and hires the company. Exactly the same deal but now you look less like sexist pigs.
Der Terriblegraph business coverage isn’t getting any better. I thought the Krauts would do a better job of clearing the dead wood, but perhaps they have decided to rewild instead.
BTW this is how I start looking for investments. I find stuff newspapers have doom about. Because often, it means that all the bad shit is already priced in, and some more. Doom, like exhuberance gets overpriced.
Vistry are down because they’re discounting hard, clearing out properties. I reckon this is the whole thing of remote work, supercommuting that means living in the South East isn’t that valuable. They probably paid a lot for land, but house prices in the South East have been sub-inflation since Covid (2% in London, 2.5% in the South East). But that’s been a big sudden shift, and they’re probably paying less for land there now.
Council house sales are down, but is that going to get worse now or is it priced-in? It’s not like any party is run by Thatcherites that want government out of housing. I suppose Reform might stop mass migration and reduce growing demand.
But at current price and P/E, it looks worthy of a bit more research.
Looked at them during the July lows, and decided they weren’t worth it at 240p, doubt anything has changed enough for them to be worthwhile at 270p. The trouble is there’s £6bn of assets on the balance sheet, but they’re having to discount heavily to shift those assets, so how much are they actually worth? Compared to the £3bn in liabilities?
If the take home is £5.6m then the gross is around £10.5m, making that ratio look even sillier. Pretty sure they don’t know what take home means…