[Politics] Liz Truss **RESIGNS 20/10/2022**

[studio150]

Well, at least the barristers' strike has ended. They graciously accepted a FIFTEEN per cent pay rise. FIFTEEN bloody percent - the greedy ********.

Meantime nurses are having to be balloted because they have been offered a derisory 4%.

"A junior barrister who has less than three years experience can expect to earn on average a salary of £40,300 per year."

https://www.nationalworld.com/news/...criminal-junior-barristers-why-strike-3746521

"This pay award means that a newly qualified Nurse at the start of Band 5 will now earn £27,055 a year"

https://www.nurses.co.uk/blog/nhs-nurses-1400-pay-rise-2022/

I hope the nurses learn from the barristers success. You come out and stay out.

Other figures are available according to the Criminal Bar Association (CBA), which says that crime juniors scrape up annual average earnings of £12,200 in their first three years. Criminal lawyers have long warned that early career incomes are less than minimum wage.

Also the 15% increase only applies to new cases and doesn't include existing ones, so thanks to the Tories there is already a backlog of two years given how they have sold of Courts and run down the justice system.

 

[schmunk]

"A junior barrister who has less than three years experience can expect to earn on average a salary of £40,300 per year."

"This pay award means that a newly qualified Nurse at the start of Band 5 will now earn £27,055 a year"

Barristers are self-employed so don't receive paid leave, benefits or pension contributions (nurses get 20.6% paid on top of their salary). They also have additional expenses to cover e.g. accountancy, chambers rent, practising fees, etc.

 

[pb21]

UK borrowing costs are increasing rapidly again today:



Now effectively back up to where they where on the day of the KamiKwasi budget, which required BoE emergency measures.

Will they have to step in again?

 

[drew]

Barristers are self-employed so don't receive paid leave, benefits or pension contributions (nurses get 20.6% paid on top of their salary). They also have additional expenses to cover e.g. accountancy, chambers rent, practising fees, etc.

After 10 years a barrister can be earning between £65k and £100k. Pretty certain nurses won't be anywhere near that. My wife is senior nurse responsible for several divisions of a trust with hundreds of staff under her and has been in the NHS for nearly 40 years and isn't close to that bottom figure for barristers.

As for the 20.6%, that is part of the nurses remuneration package. They can either pay it directly into a scheme or they could pay it to the nurses and let them make their own arrangements.

 

[beorhthelm]

...

Now effectively back up to where they where on the day of the KamiKwasi budget, which required BoE emergency measures.

Will they have to step in again?

BoE announced increasing the daily intervention this morning. though this is to use up the allocated captial, which has been unused. https://www.bankofengland.co.uk/new...tional-measures-to-support-market-functioning

 

[drew]

Other figures are available according to the Criminal Bar Association (CBA), which says that crime juniors scrape up annual average earnings of £12,200 in their first three years. Criminal lawyers have long warned that early career incomes are less than minimum wage.

Also the 15% increase only applies to new cases and doesn't include existing ones, so thanks to the Tories there is already a backlog of two years given how they have sold of Courts and run down the justice system.

Doesn't the report say it will apply to the backlog of 60,000 cases?

 

[sparkie]

UK borrowing costs are increasing rapidly again today:

View attachment 152697

Now effectively back up to where they where on the day of the KamiKwasi budget, which required BoE emergency measures.

Will they have to step in again?

Truss needs to get a grip on the economy ASAP.

 

[dadams2k11]

Well, at least the barristers' strike has ended. They graciously accepted a FIFTEEN per cent pay rise. FIFTEEN bloody percent - the greedy ********.

Meantime nurses are having to be balloted because they have been offered a derisory 4%.

"A junior barrister who has less than three years experience can expect to earn on average a salary of £40,300 per year."

https://www.nationalworld.com/news/...criminal-junior-barristers-why-strike-3746521

"This pay award means that a newly qualified Nurse at the start of Band 5 will now earn £27,055 a year"

https://www.nurses.co.uk/blog/nhs-nurses-1400-pay-rise-2022/

I hope the nurses learn from the barristers success. You come out and stay out.

My better half and her fellow students, who are studying to become mental health nurses, were told 2 weeks ago, by her lecturer at uni, that they should all go on strike.

She also said to them not to pay the loan back. The thing with the loan is they automatically take the loan out of their salary after the first year of work.

 

[schmunk]

After 10 years a barrister can be earning between £65k and £100k. Pretty certain nurses won't be anywhere near that. My wife is senior nurse responsible for several divisions of a trust with hundreds of staff under her and has been in the NHS for nearly 40 years and isn't close to that bottom figure for barristers.

Sure. After 10 years a doctor can be earning between £85k and £115k. Does that trouble you too?

As for the 20.6%, that is part of the nurses remuneration package. They can either pay it directly into a scheme or they could pay it to the nurses and let them make their own arrangements.

Just making the point that comparing "salaries" isn't the full picture as barristers just receive that figure - nothing extra, whereas a nurse's "compensation package" is in reality about 20% greater than quoted (because of the pension) and that is for 37.5 hours per week, with (after 10 years) 41 paid days of leave per year - barristers don't get any paid leave at all, as they're self employed.

 

[pb21]

BoE announced increasing the daily intervention this morning. though this is to use up the allocated captial, which has been unused. https://www.bankofengland.co.uk/new...tional-measures-to-support-market-functioning

Hmm, it says they will stop this on 14 October, as planned.

Is it fair to say what the BoE has said they will do is more important than what they are doing, in which case will this period have to be extended?

 

[beorhthelm]

Hmm, it says they will stop this on 14 October, as planned.

Is it fair to say what the BoE has said they will do is more important than what they are doing, in which case will this period have to be extended?

certainly messaging is important, they haven't needed to deploy the capital presumably because no one asked for it. all bond markets are back at their peak from two weeks ago.

 

[Audax]

UK borrowing costs are increasing rapidly again today:

View attachment 152697

Now effectively back up to where they where on the day of the KamiKwasi budget, which required BoE emergency measures.

Will they have to step in again?

30 yr Gilts climbing again as well. BoE has already stepped in (as noted in the post I quoted below) by expanding the maximum daily intervention - although the total intervention amount possible remains at the original figure. I have a feeling they may need to make further interventions beyond the end of this week to maintain stability, though. They certainly won't be able to start *selling* gilts (as originally planned before the kamiKwasi budget) for some time I think.

Think, for the moment, there's some mitigating factors in today's rises compared to a couple weeks back:

1. The rise has been slower today than it was on budget day, and in % increase terms not anywhere near as large.

2. Today's rise is against a backdrop of the pension funds having been able to pull their pants back up after Kwarteng so rudely yanked them down. While they're probably still a little exposed, it's hopefully more of a builder's crack than a full moon.

Still ... not a huge vote of confidence in the government given the u-turns Truss and Kwarteng have either confirmed or leaked today (new treasury head is not who they'd originally planned, bringing forward the OBR estimates release to this month I would have expected to both be seen as positive, but I think they've been drowned out by the rumours that Truss has backed down on the uprating of benefits and thus funding those unfunded tax cuts that caused the originally jitters is going to be a lot harder).

BoE announced increasing the daily intervention this morning. though this is to use up the allocated captial, which has been unused. https://www.bankofengland.co.uk/new...tional-measures-to-support-market-functioning

That's not quite what they're saying. They're not doing this to "use up the allocated capital". If they could complete the interventions and only use half the budget, they'd be very happy indeed. Rather, they've seen further potential for instability and in order to ensure they have scope to maintain stability through the end of this week they're leveraging the unused capital to give them more scope each day this week.

Having said that, however, the fact the gilt yields are climbing as far as they have today again suggests even that may not be enough. Wouldn't be surprised to see further BoE announcement at the end of the week to extend their activity.

 

[drew]

Sure. After 10 years a doctor can be earning between £85k and £115k. Does that trouble you too?



Just making the point that comparing "salaries" isn't the full picture as barristers just receive that figure - nothing extra, whereas a nurse's "compensation package" is in reality about 20% greater than quoted (because of the pension) and that is for 37.5 hours per week, with (after 10 years) 41 paid days of leave per year - barristers don't get any paid leave at all, as they're self employed.

You singled out nurses, not doctors. 37.5 hours a week? Most nurses I know do more than that. In the case of my wife, she's been doing 60 hour weeks since the start of the pandemic. She just gets paid for the 37.5. Also, about 18% of barristers are employed.

 

[rogersix]

has she been sacked?

don't joke about it, they might have an even worse one lined up

 

[DavidinSouthampton]

After 10 years a barrister can be earning between £65k and £100k. Pretty certain nurses won't be anywhere near that. My wife is senior nurse responsible for several divisions of a trust with hundreds of staff under her and has been in the NHS for nearly 40 years and isn't close to that bottom figure for barristers.

As for the 20.6%, that is part of the nurses remuneration package. They can either pay it directly into a scheme or they could pay it to the nurses and let them make their own arrangements.

After 10 years between 65 and 100k? Yes - if they’re any good. Plenty won’t.

And as pointed out elsewhere, they are self-employed and so don’t get any of the perks, like holiday pay.

And it’s bl@@dy hard work. My brother-in-law is a solicitor working for the CPS, but he has representation rights in court - he has actually been called to the bar. But preparation for court, reading files, acquainting yourself with the facts and deciding on a course of action, finding discrepancies in the case and so on can take hours….. and hours.

That is not to say nurses don’t work hard……

 

[Guinness Boy]

If anyone thinks solicitors and legal barristers are doing well I suggest you read "The Secret Barrister" and then be VERY glad that no one has ever accused you of a serious crime.

That doesn't mean nurses don't deserve a healthy pay rise. Of course they do. But let's not let Truss-ism drive us into divide and conquer. People who keep the innocent out of jail and prosecute murderers and paedos and people who heal the sick need to be treated with a similar level of respect.

 

[Motogull]

don't joke about it, they might have an even worse one lined up

It'll be the bungle**** unless that committee find him guilty of lying to parliament and strip him of his MP status. There are that many helmet's mourning his leaving that all those misdemeanours will be ignored.

 

[rogersix]

It'll be the bungle**** unless that committee find him guilty of lying to parliament and strip him of his MP status. There are that many helmet's mourning his leaving that all those misdemeanours will be ignored.

what committee? and when do we see the russia report, people gotta know this shiz!

 

[Acker79]

Finally, we now know who are in the anti-growth coalition:

[tweet]1579481642187755525[/tweet]

I think I'm about 10 of them.

 

[A1X]

[tweet]1579593429109321728[/tweet]