Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/600/8322

From The Socialist newspaper, 3 November 2009

RBS/Lloyds - Yet more bailouts and job cuts

DISGRACED EX-RBS boss, Fred 'the shred' Goodwin (notorious for sacking workers), must have produced a wry smile when the government instructed the largely nationalised bank to sell off 318 high street branches shedding a further 3,700 workers.

RBS, which was bailed out with 20 billion of public money during the recent banking crisis, has already axed 16,500 jobs in its investment banking arm and from its back office staff.

The government will inject a further 25 billion, taking the government's share of RBS to 84%. Chancellor Alistair Darling will also provide an extra 8 billion in 'contingency funding'.

Part-nationalised (43.5%) Lloyds bank will also receive an additional 5.7 billion on top of the earlier 17 billion bailout funding. Like RBS, Lloyds will dispose of more than 600 branches over the next four years. In return RBS and Lloyds bosses say they will defer paying themselves lucrative bonuses!

All that appears to be happening is that the profitable parts of RBS and Lloyds will be sold off while the banks' toxic assets remain with the taxpayer.

The sell-offs, along with the sale of the 'best bits' of earlier nationalised Northern Rock, have been demanded by the European Commission to "safeguard competition" ie to satisfy the commercial demands of the other non-bailed out banks.

Such a move confirms what the Socialist Party argued during this year's European elections and what our counterparts in Ireland argued in the recent re-run Lisbon Treaty referendum, that the European Union is a glorified bosses' club, pursuing a neo-liberal economic agenda at the expense of workers' jobs and living standards.

Instead of bailouts, we demand socialist nationalisation of the banks and major financial institutions as part of an overall plan of production, without compensation to fat cats.

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


In The Socialist 3 November 2009:

Join the march for jobs


Socialist Party workplace news

'Modernisation' means cuts: Support the postal workers' fightback

Time to plan for all-out postal strike

Reports from the postal workers' picket lines

Postal workers - step up the action to win! Socialist Party leaflet pdf


Socialism 2009

Want to change the world? Join the Socialist Party!


Socialist Party statement

Action needed to bring election coalition into shape


Socialist Party news and analysis

We want workers' MPs on a worker's wage

RBS/Lloyds - Yet more bailouts and job cuts

fast news


Socialist Party workplace news

BA cabin crews come out fighting

Leeds bins strike against management attacks still solid

South Yorkshire firefighters and Sheffield First bus drivers

Victory at Crown Aerosols

Trade unionists must fight for decent benefits for all


International socialist news and analysis

Pakistan - New wave of terrorism as the guerrilla war escalates


 

Home   |   The Socialist 3 November 2009   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

RBS:

triangleFinancial hardship facing millions of cancer sufferers

triangleNHS v RBS

triangleButterfields victory: housing crisis can be beaten

triangleThem & Us

triangleThem & Us

Lloyds:

triangleThem & Us

triangleIt's bonuses for bankers

Banks:

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

triangleThem & Us

triangleDefuse the consumer debt time bomb: nationalise the banks!

Jobs:

triangleWorkplace news in brief

triangleBoeing bust-up threatens thousands of skilled jobs

Socialist:

triangleTower Hamlets Socialist Party: "You can't have capitalism without racism" (Malcolm X)

Reports and campaigns

Reports and campaigns

12/10/17

Cleaners

Justice for Tube cleaners demo

11/10/17

Salford

Salford Unison condemns pay cuts

11/10/17

Royal Mail

CWU fights court attempt to stop national strike

11/10/17

Carlisle

Carlisle NHS campaigners hand in petition to MP

11/10/17

Green

Don't wreck our rec! Campaigning to save green space in Standish

11/10/17

Fire

No more fire deaths - ensure safety now!

11/10/17

Cardiff

Cardiff Socialist Students confront 'Parasite' Jacob Rees-Mogg

11/10/17

John McDonnell

Manchester rally discussed unionisation and nationalisation

11/10/17

Orgreave

Join the Orgreave Halloween rally

11/10/17

Union

Workplace news in brief

11/10/17

Democratic rights

Who's watching who?: The fight for justice, trade union and democratic rights

6/10/17

Northern Ireland

Boeing bust-up threatens thousands of skilled jobs

5/10/17

Runcorn

Too much to cross the Mersey

4/10/17

Royal Mail

Set for national strike action

4/10/17

London

Supporting the general strike in Catalonia

triangleMore Reports and campaigns articles...


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

triangle13 Oct The end of the Tories?

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

triangle11 Oct CWU fights court attempt to stop national strike

triangle11 Oct The fight against racial discrimination is tied to fighting against...

triangle11 Oct Catalonia: Workers can finish what Puigdemont won't

triangle6 Oct Boeing bust-up threatens thousands of skilled jobs

triangle4 Oct The nasty party turns on itself... but the Tories must be driven out

More ...

triangle17 Oct London: TUC lobby & rally; and London march

triangle18 Oct Warrington & St Helens Socialist Party: 1917-2017; the October Russian Revolution

triangle18 Oct Hackney Socialist Party: 100 years ago - the Bolshevik-led revolution

triangle18 Oct Tower Hamlets Socialist Party: Capitalism in Crisis - is Corbyn the answer?

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