I have just clocked up 75 years membership of the Labour Party, so readers may be surprised to know that I agree with the Con/Lib Dem Government when they say they inherited a large financial deficit from the bankers.
Some £86 billion of that deficit was used to buy bank shares when they told the Labour government that they were on the point of collapse. Within 48 hours, Labour had saved our deposits and the financial system from collapse. During my Party career I worked with scientists, shop workers, farmers and factory workers, but never with investment bankers, two of whom had incomes of £275,000 a week - yes, a week!
The Tories say Labour should have regulated the banks more harshly, but search through parliamentary records and you’ll find no motion to that effect. Indeed, comments they made in the media suggest they favoured lighter regulation. While I am on the subject of half truths, the Government constantly refers to taxpayers having to support public service pensions, but fail to mention the billions of taxpayers money subsidising private pensions. They also talk about waste of taxpayers money in the public service as one who has been a company general manager and an advisor to public and private organisations on better use of resources, I found examples of waste and poor management in both sectors. Waste in the private sector means that we pay £6 for something that could have be bought for £5, a kind of tax on consumers. Of course, there are many people who aren’t offered company pensions, even though the directors have pension schemes and float about in posh cars.
People who have worked in a number of organisations and kept their eyes open will have seen many examples of poor management and waste. It is time that the one sided propaganda trying to persuade us that public servants should be excessive contributions for their pensions is stopped.
C.R. Smith MBE