Link to this page: http://www.socialistparty.org.uk/issue/583/7429
From The Socialist newspaper, 10 June 2009
News in brief
Compulsion
AN 'OVERSIGHT', a 'mistake' or being 'badly advised' are the typical lame excuses offered by expenses grabbing MPs. Now, however, Manchester Gorton Labour MP, Gerald Kaufman, has trumped the excuses league table. He blames his outrageous expenses claims (a pair of Waterford crystal bowls and an £8,865 TV) on being afflicted with Obsessive Compulsive Disorder. Poor old Gerald, he simply couldn't stop himself ripping us off. Clearly, he doesn't need opprobrium but our help.
Tax avoidance
RECENTLY, THE Daily Telegraph urged HM Revenue & Customs to pursue claims of tax avoidance by MPs over their expenses claims. Tax avoidance is something the Telegraph knows a lot about as its owners - the Barclay brothers, Sir Ian and Sir David - are registered as 'non doms', thereby avoiding paying any. Now the brothers are exploiting another tax loophole, allowing their Channel Island based companies to avoid paying VAT on CDs, DVDs and video games sold on the internet. This scam will undermine high street retailers and cut government tax revenues.
Another fine mess
IN A bid to avoid 'government interference' from Chancellor Alistair Darling's multi-billion bailout package for the banking industry, Barclays - the UK's third biggest bank - turned instead to the Abu Dhabi royal family, owners of the International Petroleum Investment Company (IPIC) and Manchester City FC.
Offered extremely lucrative returns compared to other investors, IPIC bought £4.75 billion worth of Barclay's shares only to sell £3.5 billion worth a few months later, netting the company a cool £2.5 billion profit and causing Barclays shares to plummet 13%. Other sovereign wealth fund investors may also pull the plug on Barclays.
Having screwed up its investments Barclays managers are making workers pay by announcing 1,550 job losses.
Vandals
LDV VANS looks doomed after private equity company Weststar pulled out of a rescue plan, leaving 850 workers unemployed and threatening thousands more jobs in the car components industry. Weststar is hanging around, hoping to pick up LDV at a bargain price now that it's in administration.
Business secretary Peter Mandelson refused a £60 million bridging loan but the cost of closure to the Treasury will be £53 million in unemployment benefits and lost taxes in the first year, while the economy will lose over £200 million of wages, purchases and export revenue.
A delegation by workers to Westminster to ask for a bailout was called off because, scandalously, the Cabinet reshuffle meant no ministers were available to meet them.
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In The Socialist 10 June 2009:
Step up the fight for a new workers' party
A socialist MEP Joe Higgins elected in Ireland
'The best fighter that money can't buy'
STOP PRESS: BNP feel the anger
Socialist Party election campaign analysis
No2EU: a step towards a workers' political voice
Socialist Party workplace news
Reinstate Rob Williams now! Support Linamar strikers
London Underground: Solidarity with strike over jobs and pay
Glasgow council street cleaners start workers' fightback
Bristol bins strike threat brings new conditions offer
Unison NEC elections bring gains for Socialist Party
Engineering construction workers ballot: End 'race to the bottom'
Socialist Party publication
The Masses Arise: The French revolution and today's struggles
International socialist news and analysis
European parliament elections 2009: Europe on the edge
General strike in Basque country
Brazil: "Liberty, Socialism and Revolution" is born
Youth fight for jobs
CWU conference backs Youth Fight for Jobs campaign
Liverpool Community College strike
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