I refer to our MP Nick Boles’ recent article in the Journal attempting to lift us from doom and gloom.
It is of course quite laudable of him to try to cheer us up, but all the indications are that worse is yet to come.
At a time when most people are experiencing a decline in their standard of living, and severe cuts to public services, those who are certainly not gloomy are the directors of the FTSE100 companies who have seen their remuneration packages increase by 49per cent in the last year to an average of £2.7 million per annum.
Considering over 50per cent of funding to the Conservative party comes from the financial sector, including hedge funds, financial services, private equity companies and city “fat cats”, I suggest that Nick Boles would be better off trying to persuade David Cameron and George Osborne to introduce serious reforms of the banking/financial sector.
I’d like them to ensure that never again can they cause the mess we are in due to their reckless behaviour, then expect the rest of us to pay the price.
I am not optimistic that meaningful reforms are likely as Cameron and Osborne were calling for less regulation of the banks/financial sector prior to the 2008 global crisis.
They are unlikely to risk upsetting the main donors and financial backers to their party, even though regulatory change is in the national interest.
Meanwhile, the culture of greed, excessive bonuses and obscene rewards continues.
Still, it is comforting to know that ‘we are all in this together’, as part of the ‘Big Society’.
Paul M Jones