Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/658/11188

From The Socialist newspaper, 16 February 2011

News in brief

Hidden subsidies

There seems to be no limit to how much UK banks can gorge themselves on public funds. According to the New Economics Foundation, on top of the estimated 1 trillion shovelled into the black hole of the financial system by successive governments, British banks are pocketing at least 32.5 billion extra in hidden subsidies.

The NEF reckons that these hidden subsidies fall into three categories. Firstly, the "too big to fail subsidy". Banks effectively save 30 billion each year in borrowing costs that companies without state guarantees have to pay.

Secondly, the Bank of England's "quantative easing" stimulus programme subsidy. NEF reckons that: "Merely for being passive conduits for this risk-free arrangement, the banks made more money, taking a cut of every trade."

Lastly, the "make the customer pay subsidy". This is worth around 2.5 billion annually, and represents the high rates of interest charged to borrowers by the banks in order to rebuild their capital.

'Big society' con

Socialist Party member Nick Chaffey ripped into the Tories 'Big Society' policy on the BBC's The Big Questions programme, broadcast from Southampton on Sunday 13 February.

As a member of the audience Nick made it crystal clear in his many interventions that prime minister David Cameron's 'Big Society' idea was a fig leaf for massive public spending cuts.

To loud applause Nick pointed out that when the Tories talk about 'rolling back the state' from people's lives what they really have in mind is destroying library services, youth services and social services for the poor and elderly - while the rich get richer.

See Nick giving the Tories 'both barrels' via the BBC's iplayer.

Cuts will kill

Charities have warned that more victims of domestic abuse could end up dying at the hands of their abusers as a result of government spending cuts. This warning comes after more than half of domestic violence services across the country reported that they do not know if they will be able to remain fully open after local government spending cuts go through in March.

Channel 4 News reported a survey on 7 February which found that only one-quarter of refuges have had their contracts extended beyond March so far. Some 37% of services say they will either close or face serious risk of closure.

As the government's Supporting People grant to local authorities is not ring fenced, cash-strapped councils are channelling some of it to other services. Also, some larger councils have faced disproportionate cuts in funding as a result of the formula for local government funding.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 16 February 2011:


Anti-cuts campaign

Join the fightback against cuts!

Labour councillors' arguments refuted at People's Convention

The Tories and the City

Hundreds pack into Liverpool meeting against cuts

Private tenants are the poor relations in housing

News in brief


International socialist news and analysis

Egypt: What next after the overthrow of mubarak?

Egypt - the revolution must go on

Hopes and fears in the upcoming Irish election: Socialist Party support increasing amongst working class


Workplace news and analysis

Defending jobs in South Wales

Portsmouth anti-cuts campaign presents an alternative

Rawmarsh teachers' action wins reprieve

No to Cutts!

UCU members prepare for battle on pensions and pay

Defend the Four!

Workplace news in brief


Campaigns

Greenwich marches against brutal council cuts

Worcester: end the cuts and the coalition!

Reject 'TINA'- fight for socialism

Action across the country - fighting all council cuts


Marxist analysis: history

Britain 1911-1914: The great unrest - lessons for today


Socialist Students

Tuition fees increase spells misery for students: Build a united fightback!


Socialist Party reviews

Construction Safety Campaign

Mark Thomas: Extreme rambling


 

Home   |   The Socialist 16 February 2011   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Banks:

triangleHousing crisis: Corbyn's positive measures blanked by Labour's right

triangleThem & Us

triangleDefuse the consumer debt time bomb: nationalise the banks!

triangleGlobal finance: Are those storm clouds ahead?

Cuts:

triangleNorth London hospital workers fight cuts and job losses

triangleNo cuts - hands off King George A&E!

triangleYoung people being strangled by debts

triangleTories scrap the NHS pay cap: now fight for real-terms pay rises!

Tories:

triangleHundreds turn out for rally aimed at removing west Wales Tory MP

triangleTories torn - bin them now

triangleThe end of the Tories?

BBC:

triangleOctober 1917 reviews: 'More bright than any heaven'

triangleThe Socialist Inbox

Reports and campaigns

Reports and campaigns

19/10/17

North West

Arriva North West bus drivers strike over pay

18/10/17

Democratic rights

Conference on state spies: who's watching who?

18/10/17

Leeds

Striking back against sackers' charter at Leeds Uni

18/10/17

Royal Mail

Royal Mail bosses block strike - back postal workers

18/10/17

PCS

Balloting members on the pay cap

18/10/17

Art

'Dazzling' Bad Art show points to socialist future

18/10/17

Council

Sheffield Labour council threatens peaceful protesters with prison

18/10/17

South West Wales

Hundreds turn out for rally aimed at removing west Wales Tory MP

18/10/17

NHS

Uprising to save the NHS!

18/10/17

Socialism

Can you donate to the Socialism 2017 appeal?

18/10/17

East London

No cuts - hands off King George A&E!

18/10/17

North London

North London hospital workers fight cuts and job losses

18/10/17

BAE

Nationalise to save jobs at BAE Systems

18/10/17

Schools

Schools "can't go any further" - stop the cuts: set deficit budgets now

18/10/17

Swansea

Socialist Students 'welcome' Hillary Clinton to Swansea

triangleMore Reports and campaigns articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle19 Oct Arriva North West bus drivers strike over pay

triangle18 Oct Russia, October 1917: When workers took power

triangle18 Oct Tories torn - bin them now

triangle18 Oct Royal Mail bosses block strike - back postal workers

triangle18 Oct Balloting members on the pay cap

triangle13 Oct The end of the Tories?

triangle11 Oct Nasty party imploding...drive out the Tories

More ...

triangle21 Oct Birmingham: NSSN Solidarity Forum

triangle23 Oct Chesterfield Socialist Party: The continuing struggle for abortion rights

triangle24 Oct Liverpool Socialist Party: The October Russian Revolution 100 years ago to the day

triangle25 Oct Salford Socialist Party: The October 1917 Russian revolution

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2