Snippet
Comment
Economics
Football
Redemption
3 min read

From transferring footballers to AI talent, we over-value each other

Building our value on cashflow crumbles our self-esteem


Jamie is Vicar of St Michael's Chester Square, London.

Three Manchester United footballers with their arms around each others backs.
Mert0804, CC0, via Wikimedia Commons.

Premier League footballers not only have millions of pounds, but millions of accountants. Yes, that's right: I've had my morning coffee and the editor didn't miss that sentence. There are millions of armchair accountants. You know, the bean counters many of us effortlessly transform into when it's transfer season. 

Pick your channel - everyone seems to be asking 'is Rasmus Højlund really worth that much?' Your heart mightn't bleed for him - as he is handsomely compensated - but at least spare a thought for him and the crushing weight of critics and their expectations of his performance.  

Footballers aren't alone. Whether it's bankers' bonuses, the excesses of the offers to top AI engineers… OpenAI CEO Sam Altman claims that Meta have offered his employees bonuses of $100 million to recruit them. Other recent valuations of companies have raised $1 and $2 billion. The Economist says that AI valuations are 'verging on the unhinged’. 

Armchair accountants actually look a lot like jurors. But who are we to judge? The figures might seem silly money, but the stakes are higher than fantasy football or Monopoly. In Build the Life You Want, Arthur Brooks and Oprah Winfrey call out the way we objectify people at work over performance or pay:  

'It’s pretty easy to see why we shouldn’t objectify others. Less obvious but equally troubling is when the objectifier and the person being objectified are one and the same—when you objectify yourself.'  

Building our value on cashflow, Instagram likes and the like crumbles our self-esteem and all the health and social issues that come with that. In the arena of our own workplace, they write that self-objectification 'is a tyranny. We become a terrible boss to ourselves, with little mercy or love.’ 

You only have to peer into the comments section any any online article (not just sport) to see how callous and unforgiving apparently polite, middle-class society has become. It's hard not to have the sneaking suspicion that our devaluing of others thinly veils the way we've devalued ourselves. 

The way out of this is to detach our value from our pay and work. So, take Rasmus Højlund, transferred to Manchester United in 2023 for £64million. I would argue his worth is a lot more than £64 million. But that is because his performance, for this exercise, is irrelevant. This is not a new notion. For millennia, the Christian notion of grace is not only the entry-point of faith, but the operating system, with perfect performance already having been achieved by a saviour. The 'ultimate price', paid by God, is of such immeasurable worth and value that Rasmus, or any of us, are worth significantly more than £64million. 

But then the problem arises that Christians can still struggle with feeling like an expensive disappointment, unable to live up to the spiritual 'transfer fee'. Is it really worth me accepting the biblical claims of the price paid by Jesus on the cross if I just pile on guilt? Well, if you feel like a star signing, you've probably missed the point. But equally, if you feel like a flop, there's the need to recognise that value and worth was never rooted in your performance in the first place. There's a very different set of rules. It's not a zero-sum game of competition where players and managers are ruthlessly eliminated. The Bible paints the picture of a God not so much ruthless as he is reckless. 

When Jesus tells the parable of the prodigal son, squandering his father's wealth, only to be welcomed, restored and celebrated with open arms, the word 'prodigal' that's been attached to this parable even more appropriately describes the father: 'recklessly extravagant' and 'having spent everything'. Whatever our own estimations – or those of others – actually don't matter. £64million might feel like an absurd and unreal amount of money – but it isn't Monopoly money. Those figures have actually been transferred. And just because we can't see or feel the price that has been paid, doesn't make it any less real or consequential. Not only is your guilt traded away from you, but your rights to self-judge. 

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Column
Character
Culture
Economics
4 min read

This revolting rich list is a freak show

What are we to make of this quite nauseating spectacle?

George is a visiting fellow at the London School of Economics and an Anglican priest.

A collage of famous, rich, people such as King Charles, Elton John and others.
The Sunday Times.

General elections are no longer a clear choice between socialism and capitalism, but we should still be as offended by the privilege of the few over the poverty of many. That’s only natural, whether we’re informed by envy, a secular sense of fairness or a religious faith.

The yawning chasm between rich and poor in the UK is offensive. When PM Rishi Sunak was drenched in his vale of tears this week outside Number 10, as he announced the general election, he was seeking a mandate to preside over this inequality, in which he so richly participates.

He stood there exactly three days after he and his wife waved from the pages of the Sunday Times Rich List, based on the newspaper’s “conservative estimates of the minimum wealth of Britain’s 350 richest people.”

The Sunaks stood at 245th on the list with a measly £651m. Just 20 years ago, when I was in business, that figure would have put them near the top. Some of my business contemporaries had even made the Rich List with just a few tens of millions.

Not anymore. Mere multimillionaires barely make the cut. The ever-widening gulf between the super-rich and the rest of us means that the top 165 of last Sunday’s list of 300 are now billionaires, compared with just 20 a quarter of a century ago, while the “bottom” of today’s heap struggle by as half-billionaires. 

It does make you wonder what the Sunday Times is doing with this revolting annual survey. It has become such an anachronism since it started in the Eighties, when greed was good and we worshipped Croesus impersonators.  

Every year, we’re invited to press our noses up against their plate-glass window and drool at a world that’s as alien as a pharaoh’s to the slaves building their pyramid. What do they want from us for this display of greed? Envy?   

Times (even on Sunday) have changed and the Rich List satirises itself. Look at the ads that support it. There’s one for a 122-metre yacht that can be chartered for three million euros a week. A few pages later there’s one for a Swiss clinic “for the treatment of mental health and issues of substance and behavioural dependency”. Could these ads be related?  

So what the Sunday Times is presenting is a kind of freak show. Roll up, roll up, see the people who are tax exiles from the planet. 

The Rich List is just for the British mega-rich. So no room here for Meta-billionaire Mark Zuckerberg or space-wingnut Elon Musk. But it’s nice to see at the top of the list, with just a couple of hundred million over the £37bn-mark, the Hinduja family, whose leading lights so publicly acquired British passports some years ago, with or without government help.  

And here’s Lakshmi Mittal (No. 8 with £15bn), who was recently accused of profiting from both sides of the Ukraine conflict, after a part-owned Indian company bought nearly £2.4bn of Russian oil since the start of the war. Which newspaper revealed this? Step forward the Sunday Times.  

And there’s vacuum magnate Sir James Dyson (No. 5 with £21bn) who backed Brexit and then moved his global HQ to Singapore. That’s the beauty of being so rich; you can escape the consequences of your own actions. 

Most of the list is what similarly might be called colourful. These cannot, by virtue of their economic separation, be normal people. So what the Sunday Times is presenting is a kind of freak show. Roll up, roll up, see the people who are tax exiles from the planet. 

Money is its own reward. But ultimately its power is empty. 

What are we to make of this quite nauseating spectacle? Sure. there is no virtue in poverty. But nor should there be a prosperity gospel, which holds that the righteous are financially rewarded, other than in the outer reaches of an American charismatic movement. 

Among the things that make us go “hmm” in this report is the attitude to life. Phones 4u founder John Caudwell (No. 109, £1.5bn) says “If I stopped I’d probably be desperately unhappy.” Hmm. New entrant to the list Graham King (No. 221=, £750m) made his fortune from public money contracts for accommodation for asylum seekers that inspectors have described as “decrepit” and is currently the subject of charges under the Housing Act 2004. Hmm. 

Cursed are the rich, for they shall lose touch with reality. That’s not a heretical rewrite of the Sermon on the Mount, with its “Blessed are...” Beatitudes. There are actually four lesser known woes in the Gospel of Luke: 

 “Woe to you who are rich, for you have received your consolation. Woe to you who are full now, for you will be hungry. Woe to you who are laughing now, for you will mourn and weep. Woe to you when all speak well of you, for that is what their ancestors did to the false prophets.” 

These woes aren’t about revenge. But they do speak to the consequences of extreme wealth – such as profiteering from desperately vulnerable people or working so hard you can’t think properly. 

Money is its own reward. But ultimately its power is empty. Today, the Sunday Times should be as ashamed of idolising it as those it lionises for making so much of it.