Jeepers Goddamit | Tim Worstall

Take UK Power Networks, the National Grid power distributor. Last financial year, according to Companies House, it made a staggering £1.3bn pre-tax profit. Billions in profit, bonanzas for the executives and shareholders, while there are only real pay cuts on offer for workers.

Err, no, no it didn’t. And this is a union leader trying to tell us stuff.

EBITDA and profit really are not the same thing.

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