So, we should use that, but people in finance resist using that because it's a lower number and when you're advertising your return you want to make it look as big as possible.
Mr Bewley concludes that employers resist pay cuts largely because the savings from lower wages are usually outweighed by the cost of denting workers' morale: pay cuts hit workers' standard of living and lower their self-esteem.
The founding family's controlling shareholding, and a blocking stake held by the state of Lower Saxony, where VW is headquartered, allow it to resist short-term pressures to pull out of any market that turns difficult.