The size of the £9bn deficit on the BT pension fund is only a billion below the market value of the telecoms group itself and is bigger than the capitalisation of most FTSE 100 companies. The old joke about a pensions fund with a phone business attached is dangerously true.
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After bankers and MPs, FTSE directors are now the target of public humiliation. Boards that thought the City was their ally have discovered it is their assassin.
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Perhaps Britain’s businesses should add up their spending plans and publish a corporate-sector budget. It is commerce that creates wealth and government that spends it and Alistair Darling’s latest budget depends totally on business reviving the economy.
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At last there is an official inquiry into how the banking crisis happened – but not into punishing those responsible or compensating those that suffered. It is something the government should consider in this year’s budget or next year’s general election.
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The pensions industry has joined the financial regulator in using hindsight to say we should have stored away more during the boom years. The snag is, that’s the time when there seems least need to do it.
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The MPs on the Public Administration select committee have now added their calls for Equitable Life pensioners to be compensated, but who should pay?
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Where do the pension funds suing Royal Bank of Scotland (LON:RBS) and its former directors think the money will come from? If the bank had the resources to pay damages, the shareholders wouldn’t be sitting on losses.
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As the Royal Mail is worthless, the best solution is to give the business away. But who to? The pension fund or the trade union?

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