Saturday, 18 October 2008

Golden Goodbye.

Mr Smith doesn't normally comment on matters beyond Scotland or the US, but even he is struck by the contradictions in the £1 million pay off for former EU Commissioner Peter Mandelson. Just as bankers are having to abandon their golden goodbyes and parachutes, it would appear that EU Commissioners are filling the gap.

"Peter Mandelson, the new Business Secretary, is in line for a £1m pay-off and pension package from Brussels after serving just four years as Britain's European Commissioner, The Observer can reveal. Mandelson is eligible for a 'golden goodbye' in addition to an annual salary of £104,386 as a cabinet minister in the House of Lords, under the EU's generous rules."

"Generous" is one way of putting it.

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