Link to this page: http://www.socialistparty.org.uk/issue/552/6499
From The Socialist newspaper, 15 October 2008
News in brief
Bankers bailed out...
EUROPEAN LEADERS are following Brown and Darling's policy of big bank bailouts. The total bailout in Europe could total £1.5 trillion while the US government seems likely to inject another £400 billion, largely to get the capitalist banks lending to each other again.
The London Metro free sheet estimates that this £1.9 trillion handout is equal to £288 for every man, woman and child in the world, 36 times the aid sent by the world's wealthiest nations to the poorest each year and 190 times the GDP of Ethiopia.
... but bonuses go on
GORDON BROWN promised recently that the days of "irresponsible behaviour" and excessive bonuses were over for bank executives. He said then that any bank or financial institution that wanted state help would need to curb executive pay. The chief executives of Britain's five biggest banks paid themselves £65 million over the last five years, mostly in bonuses.
But the Financial Services Authority which supposedly regulates the City, seems to have no plans for such a 'code of conduct' or any more guidelines to restrain bonuses. True, the bonuses are nowhere near the £14 billion on offer a year ago but the estimate is that City bonuses will still top £3.5 billion despite the banks' woeful performance.
The government is trying to have an 'arm's length' separation from the seven banks involved, so the fat cats will still try to reward themselves with a substantial fortune.
Fuel hikes push up inflation rate
THE RATE of inflation in Britain hit a 16-year high in September, surging to 5.2%. The main cause of the increase was the massive hike in gas and electricity prices, which rose 49% and 30.3% higher respectively. Food inflation was listed as 12.7% a year.
Energy prices, we are told, are linked to world oil prices. But with a barrel of oil down to under $80 last week compared to a high of $142 in June, where are the price cuts in domestic energy bills?
While living standards are being hammered, Gordon Brown and chancellor Alistair Darling still insist that public sector workers accept below-inflation pay awards. This, they argue, is to stop public sector borrowing spiralling out of control. Of course this concern sounds hollow given the £500 billion that Brown and Darling have just guaranteed from the public purse to Britain's ailing banking system.
Is the Labour government more concerned about finance capitalism than workers? Is the Pope catholic?
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In The Socialist 15 October 2008:
Sack the bankers not the workers
"Give us what the bankers got"
Socialist Party editorial
Government bailouts: major measures to prop up capitalism
Socialist Party Marxist analysis
Recession in Britain: Anger and bitterness towards the financiers
Repossessions grow as banking crisis hits
Socialism 2008
Capitalism in crisis: Why you should come to Socialism 2008
Socialist Party campaigns
Political protest in Liverpool will not be silenced!
Mandelson - New minister for the rich
Planning Bill: Local views sidelined for big business
Socialist Party women
Defend and extend abortion rights
Education
Opposition grows to Kirklees schools plans
Bangor: Organising to fight university tuition fees
Nottingham Trent University attempts to de-recognise the lecturers' union
Staff and students unite over pensions
International socialist news and analysis
Austria: Far right makes big gains - left vote squeezed
Afghanistan - war without end?
Socialist Party review
75th anniversary of Walter Greenwood's Love on the Dole
Socialist Party workplace news and analysis
London bus workers strike for a living wage
Local government Scotland: Reject the pay offer!
Unison right-wing insecurity begins to show
Successful outcome for Suzanne Muna
Standing for president of Usdaw
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