Wouldn’t get away with this in the Old Green Tree Mr. Wheatcroft:
The real charge against Cameron isn’t Eton or Bullingdon but Carlton. Where someone of his background might once have spent his early manhood serving with the Coldstream, he spent his as a shifty PR man for a second-rate television company.
That’s spot on of course.
But this is rubbish:
A large part of the reason why growth remains so low and unemployment too high is the sheer hoarding of cash by British as well as American companies. In 2011 British companies had an astonishing — and outrageous — cash-flow surplus of 6 pc of GDP, with historically high profit margins. This money should have been used for productive investment, but wasn’t.
In his recent book The New Few, Ferdinand Mount, a former adviser to Margaret Thatcher, expresses the revulsion so many of us feel at the way that the very rich have became so much richer over the past two decades. What Saft shows is that these new few have actually enriched themselves “by deferring long-term good”, hugely increasing their own “compensation” to the detriment of employees, investors, and the nation as a whole.
No, the two things cannot both be true. If companies are hoarding cash then they’re not paying it out in compensation, are they?