We're living in a fool's paradise

JP45

Interesting report (on the Telegraph's website) of comments made by Sir Howard Davies.

I had no idea, before reading this, that university lecturers are apparently seeking an 8% pay rise, nor that 48% of the public are opposed to spending cuts. What planet are these people living on?

Sir Howard Davies, now Director of the London School of Economics, said Britain faces a dangerous rise in the levels of public debt – even taking into account tax increases planned for coming years.

"The next six months are going to be extremely delicate in the UK", he told a gathering of HSBC clients in London. "It is very clear that something dramatic has to happen to control spending: but is the economy robust enough to survive fiscal tightening?"

The Government is already running out of weapons to fight the crisis. While the fall in the pound has helped boost exports and proved benign so far, Sir Howard said that past experience handling sterling crises had taught him that the matters can turn ugly fast once confidence is lost. "The pound never stops where you want it to," he said.

What is disturbing is that the British people seem unwilling to face minimal belt-tightening. Even professors in higher education are balloting to strike, demanding a continuation of boom-time pay raises. "You have the best minds in the country planning to go on strike for 8pc. People are miles away from understanding what is needed."

Polling data shows that 48pc of the public are against any spending cuts and only 20pc see the need for retrenchment. Britons appear to assume that the "fantastic growth in public spending" over the last decade has become an entitlement.

Sir Howard said the reality is that the Government has so far come clean on just half of the fiscal consolidation necessary over the next five years merely in order to stabilize debt. By 2014 we will be among the Big Four of global profligates. "It is not a great club to be in," he said

http://www.telegraph.co.uk/finance/economics/6339642/Ex-FSA-chief-Sir-Howard-Davies-sees-dramatic-risks-for-Britain.html

purch

What planet are these people living on?

Planet Me !!!!

dopester

JP45 wrote: »

What is disturbing is that the British people seem unwilling to face minimal belt-tightening. Even professors in higher education are balloting to strike, demanding a continuation of boom-time pay raises. "You have the best minds in the country planning to go on strike for 8pc. People are miles away from understanding what is needed."

They will be forced to kiss the blade. Those professors and teachers will receive their education.

Don't let me stop you overpaying for a home because it falls in some good school catchment area, or selling before the bad stuff hits. It isn't like standards and funding won't fall. Those teachers and schools are certain to continue receiving Labour paradise levels of funding. :rotfl:

StevieJ

JP45 wrote: »

What is disturbing is that the British people seem unwilling to face minimal belt-tightening. Even professors in higher education are balloting to strike, demanding a continuation of boom-time pay raises. "You have the best minds in the country planning to go on strike for 8pc. People are miles away from understanding what is needed."

That comment reads quite strange It seems like he is trying to keep his wage bill down.
The best minds in the country don't understand, but I do

ruggedtoast

University lecturers are hardly raking it in, and our "best minds" are paid peanuts compared to those in the US, who we are trying to compete with for the best students.

If someone has to be paid a high salary out of public funds I'd much rather it was a professor researching renewable energy or medical technology than some spiv in a £1000 suit pricing derivatives in Canary Wharf. But then again I have this odd notion that people should be rewarded by their worth, rather than by some serendipitous manipulation of neo-liberal economics which leaves about 2 percent of the world owning 90% of its resources.

Incidentally all HE staff have agreed a payrise of 0.5% this year.

StevieJ

ruggedtoast wrote: »

University lecturers are hardly raking it in, and our "best minds" are paid peanuts compared to those in the US, who we are trying to compete with for the best students.

If someone has to be paid a high salary out of public funds I'd much rather it was a professor researching renewable energy or medical technology than some spiv in a £1000 suit pricing derivatives in Canary Wharf.

Incidentally all HE staff have agreed a payrise of 0.5% this year.

I think I read somewhere that the UK produce the third most scientific papers in the world, so looks like they earn their corn. Is this your profession RT because normally you don't appear sympathetic to public sector workers

dopester

ruggedtoast wrote: »

If someone has to be paid a high salary out of public funds I'd much rather it was a professor researching renewable energy or medical technology than some spiv in a £1000 suit pricing derivatives in Canary Wharf.

Why should public money fund it?

If the professors are making headway into areas of any value such as renewable energy or medical tech, then there is significant commercial opportunity.

They should seek their financial backing (including for the higher element of the salaries you seem to think some professors deserve) from private foundations and corporate funds.

purch

The best minds in the country don't understand

They should be expected to be clueless about anything in the 'real' world.

They all started in School at 5 years old, and have been there ever since !!!

lostinrates

ruggedtoast wrote: »

University lecturers are hardly raking it in, and our "best minds" are paid peanuts compared to those in the US, who we are trying to compete with for the best students..

What is the sort of range, from young lecturer in a fairly normal university to a top earner in a redbrick?

at the top of the scale I wouldn't say people are suffering, especilly as their is the established norm of income stream through publishing etc. at the bottom, seems very tough though, even at good unis.

misskool

dopester wrote: »

Why should public money fund it?

If the professors are making headway into areas of any value such as renewable energy or medical tech, then there is significant commercial opportunity.

They should seek their financial backing (including for the higher element of the salaries you seem to think some professors deserve) from private foundations and corporate funds.

Not all scientific research can be commercialised but all scientific research is knowledge. You can't make renewable energy or medical technology without understanding core elements in it

To put things into perspective, a fresh PhD student in their short term contract position will earn £24.5k a year (without London weighting). This is all the best and brightest brains of the country are worth.

misskool

lostinrates wrote: »

What is the sort of range, from young lecturer in a fairly normal university to a top earner in a redbrick?

at the top of the scale I wouldn't say people are suffering, especilly as their is the established norm of income stream through publishing etc. at the bottom, seems very tough though, even at good unis.

Lecturers start at approximately £35k (ish) without London weighting.
For this, they are expected to lecture undergraduate students (preparing lectures, exam questions, invigilate exams, mark exam papers, sit on examination and entry boards), run their own research team (monitor masters and phd students, coordinate with their postdoctoral researchers, write research grants, prepare drafts for publications) and be involved in management of the university.

A top earner at a top university can make up to £100k (or more).

See https://www.jobs.ac.uk