Well said PPrune Radar !!
Pay rise has been +147% over the last 18 years (not 10). But in that 18 yrs RPI went up by 76% and RPI+0.5% went up by 96%. (Read the earlier posts on this)
As I see it we have 2 options.
1 - Give in and accept that it is our problem to deal with the 'deficit'. Kiss bye-bye to any future negotiatiing strength. They have effectively torn up your terms and conditions and Deed of TRUST - do you TRUST them with a worthless 15 year Memo of Understanding ?
2 - Dump the problem firmly with those responsible. The government. They privatised us against solid industry advice. They saddled us with £600m debt. They skimmed surplus (about £160m ?) from the pension fund in the good days. They promised us our pensions would be safe. They have the power over the CAA to remove the unrealistic cap on our charges and the cost pass through of pensions. (Somewhat ironically I don't think CAA have such a restriction - judging by the amount THEIR user fees have risen in recent years)
I would suggest that one day of strike action would have all the airlines beating a path to GBs door saying - "you caused it, you bloody fix it".
And if we go bust or are declared insolvent ? I have a feeling the pension is still protected according to the Deed of Trust - remember the Govt are 49% shareholders.
The privatisation was all about reducing the PSBR (Public sector borrowing requirement) - we saved them a measly £0.5bn. Consider the £250bn plus (that is over 10% of annual GDP by the way) that they have just chucked into the nationalisation of Northern Rock and Bradford and Bingley.
The banks are in the $hit because of their own folly.
We are in the $hit because of the Governements folly. Let them suffer the consequences.
PS What do you think will happen if the Tories get in at next election. Do you think they will sort the problem then ? Hell no, they'll just blame the previous bunch, so we better get this previous bunch to fix it .. NOW. We have one chance - vote NO. Take them head on.