Tom Powdrill

Tom Powdrill

@tompowdrill.bsky.social

Labour and Capital

823 followers1.4K following1.9K posts

Tom Powdrill
@tompowdrill.bsky.social

Bloody unions selfishly representing their members www.theguardian.com/media/2026/a...

theguardian.comFinancial Times journalists in dispute with management over plans for office daysFT branch of NUJ say there is not ‘compelling case’ for mandate for editorial staff to be in office four days a week
Tom Powdrill@tompowdrill.bsky.social

Big piece in the FT criticising union access rights. Lots to argue with! www.ft.com/content/d6bd...

ft.comA union storm is coming for employersThe changing relationship between companies and workers will make it harder to do business
Tom Powdrill
@tompowdrill.bsky.social

This bit is notable. It’s a common trope in US “Union avoidance” materials that unions are just motivated by membership fees. I can honestly say this is just wrong and fundamentally misunderstands what unions are. Critics think “the union = union officers” in reality the union = union members.

Tom Powdrill
@tompowdrill.bsky.social

Also this. Unions are supposed to enable workers (their members) to defend their pay and working conditions. It’s not their job to advocate for others, in the same way that we don’t expect, say, shareholders to advocate for customers.

Tom Powdrill
@tompowdrill.bsky.social

There’s will be talk today about UK pension funds failing to invest in UK private markets. I’m onboard with the idea UK workers’ capital could be more productively invested in the UK. But does investing in UK PE necessarily deliver better jobs & pay? Errr no tompowdrill.substack.com/p/private-eq...

tompowdrill.substack.comPrivate equity: the jobs and pay storyRecent research shows employment and pay growth in PE-owned firms in the UK has lagged the private sector as a whole recently
Tom Powdrill
@tompowdrill.bsky.social
Tom Powdrill@tompowdrill.bsky.social

haha this is clever. I think if Burnham just identifies one example every few weeks of a shitty private sector practice that is irritating and costs a few quid (or time) and pledges to scrap it he'll get a lot of fans. and let's be honest he won't struggle to find targets

Tom Powdrill
@tompowdrill.bsky.social

That’s not even half a Mooch!

Bloomberg News@bloomberg.com

Katie Zacharia will no longer serve as President Donald Trump’s press secretary after spending less than a week on the job, thrusting the White House’s communications operation back into a state of chaos. Read more here: bloom.bg/47kJt1V 📷: Jim Watson / AFP via Getty

Tom Powdrill
@tompowdrill.bsky.social

From Torsten Bell's slides... this seems to show a projected *drop* in income from non-state pensions from a decade or so. Is this the DB to DC shift kicking in?

Tom Powdrill
@tompowdrill.bsky.social

What’s the point of tweeting “it’s just one poll, but…” when posting opinion polling. Either you think a single poll means something in which case, fine, let’s argue. Or you think it might just be noise… in which case don’t tweet about it. It’s really annoying faux scepticism / epistemic humility.

Tom Powdrill
@tompowdrill.bsky.social

haha this is clever. I think if Burnham just identifies one example every few weeks of a shitty private sector practice that is irritating and costs a few quid (or time) and pledges to scrap it he'll get a lot of fans. and let's be honest he won't struggle to find targets

Tom Powdrill
@tompowdrill.bsky.social

The thing about public/private ownership is, the more you regulate and price/profit control a private provider the worse it looks. The more the state is defining what gets sold at what price and with what profitability/distributions to investors the harder it is to see waft the provider provides.

Tom Powdrill
@tompowdrill.bsky.social

I don’t know if public ownership means organisations are run better. But the more the operations of a privately owned provider are determined by *public control* the less defensible a financial claim on its operations looks. This to me is how UK rail ended up where it is. Utilities could follow?

Tom Powdrill
@tompowdrill.bsky.social

The situation is so different to the era in which many of the rights were introduced I just don't see many people getting out of bed to fight to retain/reintroduce them. I deffo wouldn't argue for this in terms of "shareholder rights are good for shareholders" tho.

Tom Powdrill
@tompowdrill.bsky.social

Getting rid of the earnings link is bad news for younger workers. Those furthest from retirement will take the biggest hit. Talk about inter generational unfairness…

Tom Powdrill
@tompowdrill.bsky.social

Some of the commentary around the Triple Lock is so maddeningly unthinking. You aren’t sticking it to wealthy boomers by ensuring your own future retirement income is lower.

Tom Powdrill
@tompowdrill.bsky.social

We're right up at the edge here. An MP and deputy leader of a political party playing footsie with the idea it's ok for a street gang to take the law into their own hands

Tom Powdrill
@tompowdrill.bsky.social

Is the answer “we need to CEOs to be paid more at all the companies we invest in”? Where does that end? Equally taking a portfolio level approach “you (Company A) might think you need to pay more, but I’m looking across the whole sector” feels logins but likely strays into competition issues.

Tom Powdrill
@tompowdrill.bsky.social

I keep saying I’m surprised there so little commentary on this in the UK… but I am! BlackRock is the top shareholder in loads of PLCs. It and Vanguard are frequently both in the top three. Their combined positions are regularly 13-15% and that’s only going to increase

Tom Powdrill
@tompowdrill.bsky.social

The exec pay argument gets really weird. Company A says it needs to pay more because Company B does, plus there’s a global market for execs so it also needs to pay like companies X, Y and Z. But if you’re a (the?) top shareholder in A and B and X, Y and Z, what’s in your best interest?

Tom Powdrill
@tompowdrill.bsky.social

One thing that annoys the crap out of me in commentary around wealth and tax is the implication we should be very grateful to the very rich. There’s this regular line about the UK needing to “celebrate” wealth creation, which is always in the context of the role of business leaders, not anyone else.

Tom Powdrill
@tompowdrill.bsky.social

Not only should we accept the inequality that exists, not try to do anything by way of tax to address, but we should also give public thanks to the rich. They require wealth, power, status AND respect. I realise that (to me) it comes across as rather demanding and needy.

Tom Powdrill
@tompowdrill.bsky.social

I know a *bit* about pensions and a) I don’t agree with getting rid of it b) think if you are suggesting scrapping it you need to say which part(s) c) worth remembering we have been here several times before - breaking & the re-establishing the earnings link www.theguardian.com/commentisfre...

theguardian.comBritain needs cash and everyone knows we should break the pensions triple lock. Where is the courage? | Gaby HinsliffThe issue cannot be avoided any longer. Andy Burnham and his chancellor must face the fear of a pensioner backlash, and find a fair solution, says Guardian columnist Gaby Hinsliff
Tom Powdrill
@tompowdrill.bsky.social

I find it particularly nuts, when regularly seeing the shocking level of DC pension provision many UK workers have up close, that people consider this a priority. “Just means test it” - fiddly & from when? Cos there will deffo be a cohort who have assumed a state pension is part of their retirement

Tom Powdrill
@tompowdrill.bsky.social

👀 collapse of the left beyond PSOE. Compare to when Podemos was a serious challenger

Europe Elects@europeelects.bsky.social

Spain, InvyMark poll: PP-EPP: 34% PSOE-S&D: 27% VOX-PfE: 19% (+1) Sumar-LEFT|G/EFA: 6% Podemos-LEFT: 3% (-1) SALF-NI: 2% +/- vs. 22-26 June 2026 Fieldwork: 07-11 September 2026 Sample size: 1,200 ➤ europeelects.eu/spain

Tom Powdrill
@tompowdrill.bsky.social

This seems a bit silly. a) how many people are going to see this and make the connection? b) on what grounds would it be offensive / insensitive? c) at what point in the future would it be ok for that combination of word & number to be on a football shirt? www.bbc.co.uk/news/article...

bbc.co.ukOxford United apologises for United 93 shirt advertOxford United apologises for the image, which features the call sign of one of the planes used in the 9/11 attacks.
Tom Powdrill
@tompowdrill.bsky.social

I mean there is a movie called United 93. It's grim but if anything shows the heroism of the passengers onboard. My personal mental association with the term 'United 93' as a result is one of bravery & defiance. I genuinely don't get the potential for offence here (obviously unintentional anyway)?

Tom Powdrill
@tompowdrill.bsky.social

There was a big (39%) vote against Ryanair's remuneration policy resolution at the AGM (resolution 3). But how much of it is explained by low turnout (a bit under 18%)? Looking at the raw numbers only about 7% of the ISC was voted against that resolution.