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Friday, June 20, 2025

Polaris of Enlightenment

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https://nordictimes.com/world/uk-study-record-pay-gap-between-ceos-and-workers/

World

UK study: Record pay gap between CEOs and workers

Welfare collapse

Published 2 September 2024
– By Editorial Staff
The UK CEO earns around 482 times more per year than the average UK full-time employee.
2 minute read
Editorial Staff
editorial@nordictimes.com

A new study from the UK reveals that the financial gap between the country’s top executives and the average worker is wider than ever. CEOs of the UK’s biggest companies now earn more in a year than the average worker can expect to earn in a lifetime.

The latest economic inequality report from the High Pay Centre, a UK think tank, shows that the median pay for CEOs of the UK’s 100 largest listed companies (FTSE 100) reached a record £4.19 million (€4,97 million) in 2023.

This is around 120 times more than the average full-time British worker earns per year, which the report puts at £34,963.

– The huge pay gap between executives and the wider UK workforce is a result of factors such as the decline of trade union membership, low levels of worker participation in business decision-making and a business culture that puts the interests of investors before workers, customers, suppliers and other stakeholders, said Luke Hildyard, Director of the High Pay Centre.

The report also shows that there are now more CEOs earning more than £10 million a year, with nine companies awarding eight-figure pay packages in 2023, compared to four companies last year.

Aztra Zeneca’s CEO at the top

Astra Zeneca CEO Pascal Soriot topped the list for the second year in a row with an income of £16.85 million – a whopping 482 times more than the average full-time UK employee earns per year.

The surge in executive pay comes at a time when many British households are struggling with rising living costs and low wage growth. Critics argue that companies’ generous pay packages for their top executives make it difficult to fund pay rises for the rest of the workforce.

Luke Hildyard warns that the growing gap between the highest paid and the average worker could have far-reaching consequences for the UK economy and society at large.

– These developments have been very good for those at the top but it is more questionable whether they are in the interests of the country as a whole, he adds.

As CEO pay continues to soar, there is growing concern that economic inequality threatens to undermine the cohesion of British society. Many argue that if this trend continues, it could lead to increased social tensions, with a further polarized society where ordinary citizens are increasingly marginalized.

Editorial Staff
editorial@nordictimes.com

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https://nordictimes.com/europe/thousands-rally-in-london-to-oppose-welfare-cuts/

Europe

Thousands rally in London to oppose welfare cuts

Welfare collapse

Published 9 June 2025
– By Editorial Staff
2 minute read
Editorial Staff
editorial@nordictimes.com

Thousands of people demonstrated in London on Saturday, June 7, against the Labour government’s decision to cut welfare spending while increasing defense spending. The protest challenges the British government’s economic priorities.

The demonstration was organized by the People’s Assembly and the Stop the War Coalition under the slogan “Welfare Not Warfare” and stretched from Portland Place to Whitehall, reports The Independent.

The protests criticize Prime Minister Keir Starmer’s decision to increase defense spending to 2.5 percent of GDP by 2027–2028, with a target of 3 percent in the next term, according to the new Strategic Defense Review.

At the same time, the government has proposed removing the winter fuel allowance, maintaining the two-child limit for benefits, and cutting support for people with disabilities.

The organizers describe these decisions as political rather than necessary economic choices.

Healthcare, housing, and education

Martin Cavanagh, president of the Public and Commercial Services Union, called in his speech for resources to be redirected to healthcare, housing, and education.

The demonstration was lined with union flags and placards bearing slogans such as “Tax the Rich”, “No to Austerity 2.0”, and “Nurses not nukes”.

Angela Grant from the DWP group emphasized that many people are suffering from hunger and inadequate healthcare, while the government is increasing military spending.

According to reports, support for the demonstration came from large parts of the UK, with buses bringing activists to London.

The Labour government: Increased security threat

The government justifies its priorities with an increased security threat from Russia, citing, among other things, the planned military aid to Ukraine, which includes large quantities of drones. Critics, including several trade unions, argue that welfare is being sacrificed for military ambitions.

The protest followed earlier demonstrations since Keir Starmer took office as prime minister, and discontent has grown after budget proposals and adjustments that protesters say will worsen welfare for ordinary people.

The protesters ended with a clear demand: the government must reconsider its priorities and provide more support for social needs.

While Labour emphasizes national defense preparedness as a priority, concerns about the future of welfare are growing – which the protests clearly signal.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/the-nordics/sweden/10000-children-living-in-homelessness-the-swedish-model-has-collapsed/

Sweden

10,000 children living in homelessness: “The Swedish model has collapsed”

Welfare collapse

Published 4 June 2025
– By Editorial Staff
In Sweden, homeless people are not only those living on the streets - but several groups who do not have a long-term home.
2 minute read
Editorial Staff
editorial@nordictimes.com

Nearly 10,000 children are living in homelessness in Sweden, according to the latest report from Sveriges Stadsmissioner (Sweden’s City Missions). The organization warns that the actual number may be significantly higher and is now calling for bold political action to reverse the trend.

– We need major national reforms, says Jonas Rydberg, Secretary General of Sveriges Stadsmissioner, in an interview with TT.

Sveriges Stadsmissioner’s annual homelessness report paints a bleak picture, especially for children and young people. Almost 10,000 children do not have a safe home, and according to the National Board of Health and Welfare’s survey from 2024, at least 9,400 children are affected. However, experts believe that the reality is likely to be much bleaker than this.

– There is a large number of unreported cases, as the National Board of Health and Welfare also notes in its report. This is because many groups do not end up in the statistics. If you terminate your lease before you are evicted, you do not end up in the eviction statistics, Jonas Rydberg explains.

“The Swedish model has collapsed”

He believes that much of the problem stems from inadequate housing policy and argues that today’s housing market is not adapted to modern living conditions, especially for single parents.

– We don’t live the same way we did 50 years ago. But the housing market hasn’t kept up. It’s not unusual to be a single parent living in an apartment. Many of the people who come to us can’t afford a long-term rental contract; we’ve seen this for a long time.

The secretary general also criticizes the Swedish model of housing provision, which is based on general policy rather than targeted measures.

– Sweden’s housing policy is based on general housing provision without any special measures. If you are on a low income, there should be supplements such as housing benefits, and there should be a variety of apartments available. But it doesn’t work. Other countries have increasingly moved towards targeted measures, such as building apartments with lower rents or, in some cases, the state stepping in to subsidize rents.

– We can see that the Swedish model has collapsed. Housing benefits have been depleted for a long time. Net wages for certain groups have not kept pace. What is being built is not affordable, and not everyone has access to the housing stock. That is the big problem, he adds.

Passive politicians

The government has launched a homelessness strategy and tasked the National Board of Health and Welfare with investigating the increase in evictions and proposing measures. But Sveriges Stadsmissioner believe that this is not enough.

– The problem is that it’s piecemeal politics; it has no impact. Politicians listen, but they are unable to take joint action across party lines, says Jonas Rydberg.

The organization is therefore calling for more comprehensive measures, including more affordable housing and increased housing subsidies, so that vulnerable and economically disadvantaged families also have a chance at security and stability in their lives.

Editorial Staff
editorial@nordictimes.com

The National Board of Health and Welfare's definition of homelessness includes four different situations:

1. Acute homelessness
The person is in an immediate emergency situation and is staying overnight in shelters, emergency accommodation, shelters or similar. This includes those sleeping outdoors, in stairwells, public places, cars, tents or other temporary places without a roof over their heads.

2. Institutionalization or supported housing
The individual is staying in, for example, a correctional facility, residential care home (HVB), SiS institution, foster home, or supported housing, and is scheduled to leave within three months—but has no permanent housing to move to. It also includes those who should have already left but remain due to a lack of housing.

3. Long-term housing solutions via the municipality
The person lives in accommodation arranged by the municipality, such as a training apartment, reference apartment or social contract. These accommodations are temporary solutions for people who cannot enter the regular housing market, often with special rules or supervision.

4. Self-arranged but temporary accommodation
The person lives without a contract with friends, relatives or acquaintances, or has a short-term contract as a lodger or subtenant. This often happens after the individual has sought help from social services for their housing situation.

https://nordictimes.com/the-nordics/sweden/moderate-youth-league-raise-the-retirement-age-to-finance-swedens-rearmament/

Sweden

Moderate Youth League: Raise the retirement age to finance Sweden’s rearmament

Welfare collapse

Published 15 April 2025
– By Editorial Staff
Raising the retirement age to fund the Swedish defense effort is not expected to be well received by the electorate.
2 minute read
Editorial Staff
editorial@nordictimes.com

As reported by The Nordic Times, Swedish politicians have decided to borrow at least SEK 300 billion (€26 billion) for what is described as the “biggest rearmament since the Cold War”.

Douglas Thor, chair of The Moderate Youth League (MUF), fully supports the military investment – but emphasizes that it should be paid for by older Swedes through a higher retirement age.

The governing politicians agree that it is reasonable to borrow the equivalent of €4,400 for each Swede of working age for the military project, and analysts have noted that it will largely be future generations of Swedes who will have to pay for the decisions made today.

– It’s clear that future generations will have to take a bigger hit than if we were to just go on this year’s budget. But it also seems reasonable that future generations should help finance reconstruction because it will also benefit them, commented, for example, Daniel Waldenström, professor of economics, and continued:

– It’s simply that they will have to pay a bit more tax as a result of this. They will have to pay taxes to finance our repayment of these loans.

“In the long run, everyone will pay”

Just like the other establishment parties’ youth wings, MUF applauds the military investment, but believes older Swedes must bear a greater share of the cost – not just the younger generation.

– Borrowing money is not free. The costs are postponed to the future, which means that the younger generation has to pay. We are happy to contribute, but it is unreasonable that we alone should bear the cost, they say.

Thor’s solution is to raise the age at which older people can start drawing their pension from the current 63 to 67.

– Today, people can start drawing their income and premium pensions at the age of 63. We believe it is reasonable to raise it. One possible age is 67, confirms the Muf leader, who states that raising the retirement age is a much better option than raising taxes.

– In the long run, everyone will pay because we are all getting older. When our country has faced difficult challenges in the past, we have coped by working more, Thor argues.

Unpopular measure

Raising the retirement age to fund military spending is not expected to be a particularly popular message with voters – but Thor says this does not matter much.

– There are many issues that were previously unthinkable, but which have been reconsidered in this serious international situation. For example, loan financing has been reconsidered. It should be possible to do the same with regard to this issue.

According to Muf’s calculations, if older Swedes worked two years longer than they do today, this would mean around SEK 30 billion (€2.6 billion) extra to the public purse annually – about half the contribution needed to meet the government’s target of spending 3.5% of GDP on defense.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/economy/swedens-finances-are-only-in-top-shape-when-it-suits-those-in-power/

Economy

Comment: Sweden’s finances are only in top shape when it suits those in power

Welfare collapse

Jenny Piper

As Trump targets the EU with trade tariffs, Ulf Kristersson claims Sweden has "world-class public finances" and is well equipped for the future. Yet there seems to be no money to take care of its own people or welfare – finances only seem to be in top shape when it suits the power's own false narrative.

Published 4 April 2025
– By Jenny Piper
Ulf Kristersson and Finance Minister Elisabeth Svantesson seem to have a strange view of Sweden's finances.
2 minute read
This is an opinion piece. The author is responsible for the views expressed in the article.

Following President Donald Trump’s announcement that US external tariffs will be higher than expected, with a minimum level of 10%, and 20% for the EU, the market reacted with falling stock futures and lower interest rates. The expected negative effects include an even greater slowdown in growth, stronger inflationary pressures, and more severe economic damage, while the risks of stagflation increase.

For Sweden, however, there seems to be no danger, assures Prime Minister Ulf Kristersson, who says that “Sweden has world-class public finances and is therefore well prepared“.

One wonders where the fantastic government finances are when we need them to take care of our own people. Why is there no funding to make welfare work? Why are there no resources for the justice system? Why is it that infrastructure continues to be neglected? And why does the health sector have to make billions in savings that affect patients, while schools continue to suffer at the expense of pupils – and more? And why is it not more often highlighted that Swedish households are among the most indebted in the world?

At the same time, it is no problem at all to cough up membership fees to the EU and NATO, spend huge sums on the green transition that sinks Europe, or continue to sponsor the proxy war in Ukraine, where Sweden has now sent nearly SEK 100 billion (€9.2 billion) unchecked to one of the most corrupt countries in the world. Financing the EU’s military buildup, costing thousands of billions, is also something we do not hesitate over.

As long as it’s to benefit the war industry and their own wallets, there’s no limit to the money they can spend, and they have no qualms about selling out to foreign powers. But when it comes to helping its own people or thinking about national security, it is a total stop.

Sweden’s finances only seem to be in top shape when it fits the false narrative that has been sold to the population. It’s incomprehensible that the penny hasn’t dropped yet for the masses who still believe that “Uncle State” works for the citizens’ best interests and that our controlled mass media delivers the truth to every household.

 

Jenny Piper

All Jenny Piper's articles can be found on her blog.

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