Yes!
Yes, you are quite correct. A professional writer who submits a good story deserves to be paid well.
But this offer wasn't aimed at you and shouldn't be dismissed. It was an up front offer open to all. If you wish to submit a story and receive £150 for your effort, then it's a fair deal. If you think it's a rip off, ignore it.
I see your point, the magazines might be seen as trying to control the market and capitalising on cheaper contracts, but isn't that business? Everyone looks to save a few quid now and then. I won't take my bikes to the dealer to get them serviced and when my plumbing packs in, I call Joe from the Co-op. He isn't Corgi registered but he knows his way around my pipes! I can't fault his work and he's never let me down. Any professional plumbers, please join the debate....if my house floods then I'll get in the boat with TWO magazine.
I thought TWO were right, and brave it seems, to offer this opportunity and I wish success to those who are willing to take it.
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