[Re: Are shareholder revolts over executive pay a coherent response to poor performance?, Friday]
The shareholder spring is another example of a public spurred on by a militant minority, and fuelled by a mixture of jealousy and ignorance. Anyone earning more than double the average wage has been branded a fat cat and undeserving of their pay. We’ve become a nation of failures.
Slamming well-paid executives is dangerous to the economy and to businesses. The issue has only arisen this year because of a few people with anti-business agendas.
No credit to them
[Re: Government’s plan to subsidise credit could easily backfire, Friday]
This new Bank of England-backed lending won’t work for our business. We have viable plans but aren’t taking them forward, even though we could raise funds. Firstly, we don’t like the rate or terms on offer from our bank. We also don’t trust the bank not to demand the money back if the going gets tough and we’re more concerned about the impact of the euro crisis on our bank than our own business. Secondly, the government has us bogged down in a never ending stream of new and updated regulation and bureaucracy. There’s no time to start new projects.
Government plans to subsidise credit are a desperate attempt to reflate the debt bubble. Expect inflation to accelerate.
President de Kirchner of Argentina asks how, geographically, the Falklands can be British. I would explain, but I speak no Spanish.
Angela Merkel is standing firm. Good. Let’s all take our medicine, however unpleasant, and start the long rebuild of something better.
The net result of government action in credit markets is to reduce the wealth of society.