The McStrike

[JohnD]

Phillip Green likes to buy boats.

I wonder how many BHS pensioners can do that

 

[Bodd]

Phillip Green likes to buy boats.

View attachment 149664

I wonder how many BHS pensioners can do that

iPhilip Green lost around £365m on the Friday after Brexit thursday as Britain’s decision to leave the EU took its toll on the financial world.

The 15 richest people in the UK lost around £4bn during the turmoil, with under-fire Arcadia boss Sir Philip one of the biggest losers. By the end of the day, his net worth had fallen by almost $500m (£365m) as the pound slumped to a 30-year low, according to the Bloomberg Billionaires Index.

You should be rejoicing

 

[SirGalahad]

I would have thought the poorer you are the less you have to spend.
Poorer people probably spend a bigger proportion of their income than wealthier people because most of their money is spent on the basics to sustain their existence.

Yep.

To clarify, you spend more of your income than save it. Most people on the low end jobs have very little savings.

 

[SirGalahad]

The establishment's obsession with mass immigration has distorted the economy, employment conditions and housing costs. Win win for the establishment - penury for ordinary, indigenous Brits, especially the younger ones. We now live in a bizarre high cost of living, low wage economy. The immigration cheerleader LWRs on here don't give a toss about the effect on ordinary, indigenous Brits. The ones who are always droning on about others 'hating' are the ones who actually hate their country and the ordinary people in it.

https://fullfact.org/economy/how-have-wages-changed/

You think the tories will change this? They have been in power longer than labour during our time in the EU. Both New Labour and the current tories have implemented Neo Liberal policies which give zero weight to any notion of civic society or balanced economy. Their warped belief is if house prices are high then its a signal to the market to build more homes.

 

[SirGalahad]

iPhilip Green lost around £365m on the Friday after Brexit thursday as Britain’s decision to leave the EU took its toll on the financial world.

The 15 richest people in the UK lost around £4bn during the turmoil, with under-fire Arcadia boss Sir Philip one of the biggest losers. By the end of the day, his net worth had fallen by almost $500m (£365m) as the pound slumped to a 30-year low, according to the Bloomberg Billionaires Index.

You should be rejoicing

A billionaire losing say 10% of their wealth it would hardly make a difference to them but a person on low wages losing 10% of their income when they are struggling to survive will end up having to rely on food banks, friends or payday lenders.

 

[JohnD]

10%

Bodd took care not to mention a percentage.

Look on the bright side, it won't reduce the amount of UK tax Green and his wife pay.

 

[noseall]

Marginal Propensity to Consume decreases as your income increases. The poorer you are the less you save but the more you spend. You need to look at the increasing gini coefficient of inequality in the UK and the Palma ratio.

Eh? I only understood the bold bit.

 

[gasbanni]

You know what the old saying is? Don't you?


Where did I say that?


I started by saying James O Bee and Owen Jones where idiots... .. I forget to mention you....


You don't know a Paradox from your elbow. ....

Actually superb repartee !

 

[Notch7]

Eh? I only understood the bold bit.

I think SirGalahad is Kankerot's twin brother: reads the same economics books but is more polite

 

[Bodd]

Bodd took care not to mention a percentage.

Look on the bright side, it won't reduce the amount of UK tax Green and his wife pay.

To your right you have the option of thanking or liking. A little star or a thumbs up.

I think we need a third option of indicating the ****** you talk, with actually saying your talking ******

You would have a pair of extra ****** attached regularly.

 

[JohnD]

Tax-dodging billionaire who is propped up by the British Taxpayer.

Hooray for our government that is so generous to the rich, yet so frugal to those in real need.

"Like other economic titans, Green depends on the largesse of the British state. Because he paid his workers wages they could not possibly live on, the taxpayer had to shell out an estimated £367m in tax credits to top up their pay packets. He relies on the state’s education system. Not for himself – this privately educated son of a property developer is no self-made man – but for his workforce, from managers to shopfloor assistants. He needs publicly provided infrastructure. An expensive law-and-order system protects his property.

But though Green will take, he is less happy to give. His businesses are registered under his wife’s name in the tax haven of Monaco, ensuring the millions of pounds he extracted from BHS were kept well away from Britain’s exchequer. “Envy and jealousy are two incurable diseases,” was his retort. Paying tax is for the little people, after all; and if they resent the rich elite draining public resources without properly contributing while services are slashed away, then envy must be to blame."

https://www.theguardian.com/comment...ip-green-bhs-tycoon-tax-parliamentary-inquiry

 

[SirGalahad]

Eh? I only understood the bold bit.

In economics there is a concept called marginal propensity to consumer or to save. It's simply what you do with that extra bit of income. If a person on low wages earned an extra £100 it's likely they would end up spending most of it ie say £75 so there MPC is 75%.

So those on lower wages tend to spend more of any extra income they get than those on higher wages - which is what we expect in reality.

Giving a £100m to 10 millionaires - they would probably just put the money in an investment fund and not spend it into the economy. Give £100m to 1m people and they would like spend it directly into the economy.

 

[SirGalahad]

Tax-dodging billionaire who is propped up by the British Taxpayer.

Hooray for our government that is so generous to the rich, yet so frugal to those in real need.

"Like other economic titans, Green depends on the largesse of the British state. Because he paid his workers wages they could not possibly live on, the taxpayer had to shell out an estimated £367m in tax credits to top up their pay packets. He relies on the state’s education system. Not for himself – this privately educated son of a property developer is no self-made man – but for his workforce, from managers to shopfloor assistants. He needs publicly provided infrastructure. An expensive law-and-order system protects his property.

But though Green will take, he is less happy to give. His businesses are registered under his wife’s name in the tax haven of Monaco, ensuring the millions of pounds he extracted from BHS were kept well away from Britain’s exchequer. “Envy and jealousy are two incurable diseases,” was his retort. Paying tax is for the little people, after all; and if they resent the rich elite draining public resources without properly contributing while services are slashed away, then envy must be to blame."

https://www.theguardian.com/comment...ip-green-bhs-tycoon-tax-parliamentary-inquiry

Our tax and legal system is essentially created to maintain the status quo. Our economy has become more and more rent seeking which solidifies power and control in fewer and fewer hands.

 

[Bodd]

Actually superb repartee !

Your teaching me a whole new part of the English language.
Borrowed or not...

Thank you

 

[Notch7]

Because he paid his workers wages they could not possibly live on

Thats a sweeping statement. What does actually mean.

How much were the workers paid?
What tax credits did they claim?

Since Green has been singled out, that implied he paid his workers much less than the 'going rate' for the jobs they did.
That seems unlikely. Just one shop paying substantially less than other shops......

What tax credits did they claim, and why.