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Link to this page: http://www.socialistparty.org.uk/issue/621/9415

From The Socialist newspaper, 21 April 2010

Fast news

What they don't say

TENS OF thousands of low paid council workers, NHS workers, teachers, etc, face the sack as part of a 500,000+ jobs cull during the next five years as the next government slashes public spending to curb the 167 billion budget deficit. This black hole in public finances was massively increased by the Labour government's multi-billion bailout of the failed banking system.

The health service could bear the brunt of the cuts, despite party leaders Gordon Brown and David Cameron pledging to protect frontline services.

The jobs warning comes from a report by the Chartered Institute for Personnel and Development. John Philpott, its chief economic adviser, said a 10% reduction in the 5.8 million core public sector workforce is probable, "dwarfing anything implicit in the election manifestos".

Oversubscribed

AND WITH youth unemployment hovering around one million, British Gas has received more than 65,000 applications for 600 gas fitter apprenticeships. Such is the high overall level of unemployment, some of the applicants were aged over 50.

Under the scheme an apprentice is paid 5,000 a year (under 100 a week) to repair boilers and radiators.

One-in-five young people are currently unemployed of whom more than 100,000 are recent graduates with another 300,000 graduates expected to enter the jobs market.

Safe investment

THE GLOBAL investment bank Goldman Sachs has been charged in the US with fraud after investors lost $1 billion (650 million) in the sub-prime mortgage led financial crash. The civil lawsuit follows the bank's recent announcement that it would be paying out $5.3 billion from a pay and bonus pool to its managers.

Also charged is Fabrice Tourre, the British-based Goldman banker who earned 1.5 million a year. He is accused of creating sub-prime mortgage investment deals devised to fail. US investigators claim Goldman Sachs lied to investors - which included the bailed out Royal Bank of Scotland group - to make the mortgages sound like a safer deal.

Meanwhile, billionaire hedge fund manager, Paulson and Co - which paid $15 million to Goldman for selling this 'financial product' - made $1 billion betting on the stock market that the investments would fail.

Tamil refugees

Tamil refugees aboard a tiny boat held in Merak port, Indonesia, since 11 October 2009, have been forcefully transferred to a detention centre in Tanjung Pinang, a small Indonesian island.

They were fleeing a brutal war in Sri Lanka and have suffered immensely in the last seven months. The Indonesian authorities have still not allowed their refugee applications to be processed and have reneged on the agreement made with refugees prior to the transfer.

Tamil Solidarity - campaigning for their rights - has called for protests. Please read more details on www.socialistworld.net and register your protest against the inhuman treatment of these refugees.

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In The Socialist 21 April 2010:

Stop these savage cuts: support the socialist alternative


Youth fight for jobs

Young people facing a fight for their future

National Union of Students conference: Campaign needed against fees and cuts


Socialist Party editorial

Left candidates excluded from media


LibDem Surge

Big business as usual for Liberal Democrats

TV debate - Party leaders compete for the same policies


Transport

Volcanic eruption brings travel chaos: Planned and integrated transport system vital

Planes, trains and automobiles


Socialist Party news and analysis

Cameron turns back clock on women's rights

Banks use microloans to fleece poor

Fast news


Socialist Party election campaign

Doncaster - Jarvis's vicious sackings and workers' fightback

Portsmouth North: "An ordinary guy to represent ordinary workers"

Lewisham councillors' record

Trade Unionist and Socialist Coalition

Coventry: Standing up for public services

Colne Valley / Huddersfield: Kirklees' only fighting councillor

Spelthorne: "The trade union candidate guy"

A chance to put your questions to your local Trade Unionist and Socialist Coalition candidates.


Anti-racism

Why the BNP offers no way forward for working class people

Anti-BNP protest


International socialist news and analysis

Progressive Workers Federation of Pakistan founded

Sri Lanka parliamentary elections: Rajapaksa's clan consolidates its rule


Socialist Party features

National Care Service - fact or fiction?

1936 - A play about the Olympics


Socialist Party workplace news

Vote to boycott SATs

Civil service dispute continues

Fighting cuts at Coventry council

Strike ballot at Manchester Metropolitan University

Unison health conference

Laundry workers fight closure

Dover trade unions against privatisation

National Shop Stewards Network 2010 conference:


 

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Related links:

Refugees:

triangleHundreds of torture victims wrongly detained

triangleGerman elections: rise of the far right and right-wing government will provoke resistance

triangleBrutal repression of Rohingya people sparks massive humanitarian crisis

triangleDerby Socialist Party: Solidarity with refugees - defend the right to asylum

triangleG20 betrays refugees created by its own policies

Tamil:

triangleTamil Solidarity Day

triangleTamil Nadu mass protests against state repression

triangleSocialism 2016: Putting socialism on the agenda

Jobs:

triangleNationalise to save jobs at BAE Systems

triangleBalloting members on the pay cap

triangleWorkplace news in brief

Goldman Sachs:

triangleTrump victory: Failure of the Democrat establishment

triangleUSA: We need mass resistance to Trump and a new party of the 99%

Gas:

triangleAnti-fracking campaigners' legal fight

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