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What you wrote has nothing to do with what the parent wrote.

>There's no competitive/market pressure on it to naturally cap spending based on value.

The parent is specifically claiming gov jobs don't allow for near market rates. That number would literally be formulated by current market pressures. If that goes lower in the private sector it will go lower in the gov sector.

For your point to be correct with respect to their specific example, you would have to claim the gov could pay £300k/year when the going market rate was £100k/year and there would be no pressure prevent this. Whereas all it would take would be someone to ask why a run-of-the-mill programmer is getting paid 3x the market rate?

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That part was referring to the air-quotes here:

> but at least you won't have "inefficient civil service bloat" to have to manage.

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Right, but you simply stated but haven't explained why bloat is inevitable in the government except to say there is no market pressure applied in government. Whereas the parent is literally talking about employing people using market rates, an example based on market pressure.
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