Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/556/6599

From The Socialist newspaper, 12 November 2008

Economy in recession

Defend workers' jobs and pay

Socialist policies needed

"Buy one car, get one free", was the desperate offer of a Colchester car sales broker. Nationally, car sales have fallen to a level not seen since 1966. And now falling consumer spending and the credit crunch are impacting heavily on jobs; British businesses have laid off 300,000 workers in the last three months. Finance, property and construction have been worst hit.

Judy Beishon

News like this led the Bank of England to drastically cut its interest rate by a third - the biggest percentage cut in over half a century - and to warn of a coming "severe contraction". The talk everywhere is of a deep, prolonged recession.

Further interest rate cuts are likely and other emergency measures are being seriously discussed, such as tax cuts. But these limited measures won't stop the recession from worsening. Too many people are massively overburdened with debt or insecure about their jobs for some extra pounds delivered via tax or interest cuts to reverse the downward trend in spending.

The disgusting, short-term greed and arrogance of the top bankers was shown when all but two of the major banks had to be dragged kicking and screaming by the government into passing on the 1.5% interest cut to their customers. This does not mean that New Labour has changed its fundamental stance to one of acting in favour of ordinary people. Despite the hundreds of billions of pounds of public money that he has made available to several banks, chancellor Alistair Darling has repeatedly said that he does not want to interfere in banks' "commercial decisions".

The ungrateful bank chiefs still asserted that they will not be "brow-beaten" into passing on interest rate cuts next time, moaned that they are "not charities" and that base rates are now so low that their "margins are desperately small". While the Bank of England base rate has been falling, many banks have actually increased the interest they charge on credit cards, instead of passing the benefit on.

They want fat 'margins' so that they can continue to pay themselves obscene salaries and bonuses and so that their shareholders can go on receiving huge dividends. They are raking off public money for this, at the expense of working and middle class people who are losing their homes and jobs, and of many more who will bear the burden of increased government debt in the future.

The only people who should lose their jobs are the top banking bosses and government ministers who are in league together to benefit the fat cats at workers' expense. If the banks can be given billions, why can't the hundreds of thousands of workers' jobs be saved?

And it is abhorrent for the government to take an arm's length distance from the banks' decision-making when the public money put in justifies - to most people - taking complete control. All the banks should be fully nationalised immediately, and run by democratically elected committees of workers' representatives from the finance industry and from wider society.

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


In The Socialist 12 November 2008:


Socialist Party campaigns

Defend workers' jobs and pay

PCS union: Strike threat wins talks

Confined to one room

Fast news


Socialism 2008

Socialism 2008 - an inspiring weekend


War and occupation

Iraq, Afghanistan... End the occupations!


Socialist Party Marxist analysis

A political awakening propels Obama to victory

Why Labour won the Glenrothes by-election


Socialist Students

'Students in the Red' day of action

East Anglia region demands free education


Education

NUT leadership fails to call strike

Scotland: Victory for the Vale of Leven Four

The workload of a teacher


Socialist Party review

Prescott: the class system and me


 

Home   |   The Socialist 12 November 2008   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Economy:

triangleBarclays finally charged for having hands in till

triangleGMB conference: angry mood from delegates

triangleScotland - SNP loses but Labour could've won more

triangleCapitalist journal's warning to the bosses: Marx was right, watch out!

triangleCapitalism condemned

Recession:

triangleSocialist Students launched in USA

Banks:

triangleCity bosses' 40m bonuses as Number of food banks hits 2,000

triangleMcDonnell promises reversal of Tories' tax cuts for the super-rich

triangleFrance: Groundswell of support for left candidate

Reports and campaigns

Reports and campaigns

21/7/17

Barts

Support Barts NHS striking cleaners and porters!

21/7/17

London

Grenfell survivors tell Tories: "Step down and resign"

20/7/17

London

Southwark Group of Tenants Organisations meeting reveals huge anger of tenants

14/7/17

Waltham Forest

Support the Bart's strikers

14/7/17

Tesco

10% pay increase accompanied by cuts and job losses

13/7/17

Wales

Bron Afon workers fight 3,000 pay cut

13/7/17

West London

Vigil for Grenfell

12/7/17

Wales

DWP announces office closures and job losses

12/7/17

Leeds

Leeds campaigns to save NHS on its 69th birthday

12/7/17

Huddersfield

Huddersfield parties in the park to save hospital A&E

12/7/17

Pride

Fighting corporate takeover at London Pride

12/7/17

Waltham Forest

Waltham Forest - fighting school cuts

12/7/17

Southampton

Southampton Labour must reverse devastating council cuts

12/7/17

The Socialist

The Socialist spring offensive

12/7/17

Durham

Durham TAs reject council's pay offer

triangleMore Reports and campaigns articles...


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

triangle25 Jul Court victory for PCS and all trade unions

Unite Barts NHS cleaners and porters strike demo July 15

triangle21 Jul Support Barts NHS striking cleaners and porters!

triangle21 Jul Grenfell survivors tell Tories: 'Step down and resign'

triangle20 Jul Southwark Group of Tenants Organisations meeting reveals huge anger...

On the joint Junior doctors and teachers demonstration 26-4-16, photo by Paul Mattsson

triangle19 Jul Education cuts: Tories buckling under public pressure

triangle14 Jul 10% pay increase accompanied by cuts and job losses

triangle12 Jul DWP announces office closures and job losses

More ...

triangle25 Jul Derby Socialist Party: Mother Jones - US labour pioneer

triangle26 Jul Caerphilly Socialist Party: Global socialism - Report from CWI school

triangle26 Jul Hackney Socialist Party: Racism in the US and Britain

triangle27 Jul Swansea Socialist Party: Building a Marxist International

More ...

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

Archive

Archives:

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