Let them eat cake

Tax cuts for business, public spending cuts…but we want lots of investment on items which will make us money. The Institute of ‘fat cat’ Directors gives their ‘want our cake and eat it’ advice to government.

The Institute of Directors (IoD) has set out its priorities for the Tory government by placing its wealthy members at the head of the queue for tax cuts.

At the same time they are demanding investment – some of it public money – in energy, education, railways, roads and airports.

An IoD survey released by the organisation showed their members’ priority was cutting the deficit through public spending cuts rather than tax increases. In line with existing Tory policy they opposed increases in national insurance, income tax, VAT and business rates.

The IoD, some of whose members have seen huge rises in their pay and perks since the banking meltdown, want even more money in their pockets. And they want to benefit from infrastructure investment without having to fork out any tax rises to pay for it.

Steve Turner, Unite assistant general secretary said, “These are all demands within days of the Tories coming to power. It’s obscene to see the speed at which the already wealthy demand tax cuts part-paid by cuts in public services.

“Directors have done very well in pay, bonuses, pension pots and share options following the banking crisis. But ordinary workers have struggled against growing insecurity, hours reductions, pay cuts, the loss of pensions and other core conditions and a real decline in overall living standards.”