FTSE 100 Bosses say “Fuck austerity”

Britain has a shaky economy (okay the last stats were better than expected but let’s see what happens as the State contracts massively) high levels of unemployment with far more to come, an economy) and all around belt tightening. After all the Government are saying we are all in it together.

But perhaps someone should tell that to the heads and directors of the FTSE 100 companies who act as if austerity is just for little people. Yesterday’s Guardian reported on research undertaken by Income Data Services which indicated that boardroom pay rose by 55% over the last year when bonuses and share options are taken into account.

Incomes Data Services, who conducted the research, said bonuses paid to directors of FTSE 100 companies increased by 34%, while basic pay rose by 3.6%. The amount of money waiting to be disgorged from long-term incentive schemes soared by 73%, to a total of £259m, and share option gains leapt by 90%.

Steve Tatton of IDS said the report suggested that companies returned to "business as usual" once the recession ended. "It seems the days of earnings restraint were short-lived. It is as though the recession never happened," Tatton warned. "This time last year a number of companies actually reduced their bonus ceilings. Twelve months later it appears as if these measures have been reversed, with around 40 companies reporting higher bonus scheme maxima," he added.

The average FTSE 100 chief executive now earns £4.9m a year.

Now how many of these august men and women have backed the Government’s assault on the poorest and most vulnerable.

To rephrase a quote misattributed to Marie Antoinette their attitude is clearly a case of” Let them eat shit”