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March 31, 2006

Two Fabulous Bits of News

Both from Stephen Pollard. An insight into economics from a radio phone in:

I work in the public sector and my pension costs me 12% of my wages per month. Not per year like the private sector, but per month.

And even better:

Further to this story about Wembley , my understanding is that the situation is much worse than today's reports indicate.
He went on to say that there is no chance whatsoever that the stadium will be ready until the summer of 2007, and that in his opinion there is almost no chance of the stadium being ready until 2008 - and possibly late in 2008.


My step-son-in-law (my, can’t modern day family relationships be a touch complicated?) is working on the site. Masses of overtime at very good rates. Long may it last!

March 31, 2006 in Economics | Permalink


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Given Stephen Pollard wrote a research paper alleging that the CAP killed someone every 13 seconds (6,500 people a day, or over 2m a year) I think he'd best leave off making fun of other people's mistakes.

Tim adds: Have you a link for that? Love to read it.

Posted by: Matthew | Mar 31, 2006 2:13:23 PM

Guy on the radio was exhibiting a lack of statistical awareness. like 99% of the population. That's more than half of us!

Posted by: PostPunkUnkle | Mar 31, 2006 2:28:47 PM

Maths was always my weak point but isnt 12% of a monthly salary paid each month the same as 12% of an annual salary over a 12 month period?

Tim adds: Cough, cough, err, that’s the point of making fun of the comment.

Posted by: Peter Black | Mar 31, 2006 2:36:46 PM

Heaven forbid he got paid weekly. Imagine having to pay 52 times what us private sector fatcats do.

Anyway, Vic Reeves told me that 37.8% of statistics are made up on the spot.

Posted by: Mr Angry | Mar 31, 2006 3:23:02 PM

I once wrote an annuity calculator.

A male aged 25 earning 20 K a year who wants to retire at 55 on 75% of salary will have to save 954.71 per month. That's over 50% of salary.

This level of contribution would be illegal in the free sector.

Posted by: Rob Read | Mar 31, 2006 3:27:43 PM

The FSA calculator seems to think 550 pounds a month would do it, but anyway how many council staff members retire on 75% of full salary at 55? Most of the schemes have an accruual rate of 1/80th per working year, don't they? You might be thinking of the Police's pension scheme?

Here's the Pollard paper. Even his Times colleague Oliver Kamm thought it daft.


Tim adds: Well, yeah, but, no, but. The next line after that quote is "These are questionable, if not unreasonable, numbers". For shock effectthen, not a direct claim.

Posted by: Matthew | Mar 31, 2006 4:12:58 PM

That's not a distinction Pollard makes:

"A recent paper by the Centre for the New Europe calculated that one person dies every 13 seconds somewhere in the world — mainly in Africa — because of the EU’s protectionism."


Posted by: Matthew | Mar 31, 2006 5:01:33 PM