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From The Socialist newspaper, 3 March 2011

News in brief

Energy rip-off

British Gas, the privatised energy giant, recently announced a 24% surge in profits in 2010. This was largely achieved on the back of screwing its customers with higher bills. Its parent company Centrica boasted a 39% rise in operating profits to 2.4 billion.

Eight million British Gas customers were hit with a 7% price hike on 10 December, resulting in an average customer's dual fuel bill rising from 1,157 to 1,239. The price increase coincided with the UK recording the coldest December temperature in 100 years.

The usual lame excuse from British Gas was to blame the price rise on rising wholesale prices. However, Centrica has a major stake in gas fields in Norway and elsewhere, meaning that they also benefit from rising wholesale prices.

Back in 2008 Centrica's managing director, Jake Ulrich, said consumers struggling with record-high gas prices should keep warm by putting on two jumpers.

A better idea would be to renationalise all the privatised energy utilities to provide cheap and reliable fuel for everyone.

Failure pays

It appears to be an 'iron law' of capitalist finance that irrespective of how badly a bank performs it is obliged to handsomely reward its top dogs. The latest bank to apply this law is the Royal Bank of Scotland (RBS), which has just given 1 million each to 100 of its bankers and 2.04 million to its boss Stephen Hester.

This bonus bonanza makes a mockery of the government's 'Project Merlin' deal with the banks, which was meant to deliver restraint on bonuses and top salaries in return for not introducing financial regulations on the City.

In case anyone has forgotten, RBS holds the record for the biggest bank loss in UK history. In 2008 it recorded a 24 billion loss, 3.6 billion in 2009 and 1.1 billion last year.

And while hundreds of thousands of public sector workers face redundancy and millions of people are being subjected to government cuts in services and benefits, RBS has been saved from collapse by the last Labour government and the present Con-Dem coalition with a bailout of billions of pounds from public funds.

Sterling advice

As desperate British workers flee Libya to avoid Gaddafi's violence, it is worth reflecting on the British government's UK Trade and Industry document 'Investing in Libya' of last year:

"Change is in the air... Not political change, but clear business opportunit[ies] for those patient, persistent and determined enough to take it. Personal relationships really matter a lot in Libya... you will not do business here long-distance, but by being here, often."

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In The Socialist 3 March 2011:


Anti-cuts campaign

Stop the cuts

Marching on the Con-Dem conferences in Wales

Fighting the cuts: Thousands protest, lobby and occupy

Lewisham election: There is an alternative!

Determination to beat the cuts


International socialist news

Fantastic results in Irish election: Socialists and lefts gain five seats

Elections see collapse of Fianna Fail, the traditional establishment party


Socialist Party news and analysis

Coalition steps up assault on NHS

Westminster: Save our children's services

Who 'agrees with Nick' now?

News in brief


Socialist Party workplace news

Largest protest yet against Wisconsin Governor's anti-union bill

Unison witch-hunt: Reinstate the Four!

End the blacklist

Workplace news in brief


Youth fight for jobs

Jarrow to London: March for jobs

CWU youth conference 'ready and willing to take action'


Socialist Party women

International Women's Day 2011: Women and the fightback


Socialist Party congress 2011

Socialist Party 2011 congress - a party growing in strength


International socialist news and analysis

Libya: A fight to the finish

Tunisia: Revolution and counter-revolution on the streets


Marxist analysis: history

Liverpool 1983-87: the council that fought Thatcher


 

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Related links:

Energy:

triangleShell pays 0 corporation tax, and plans huge hike in fossil output

triangleClimate change election debate

triangleWhy I joined: "Proud to be a socialist"

triangleWorkplace news in brief

triangleBEIS strike

Gas:

triangleNewham gas workers' strike threat

triangleNewham gas workers to strike

triangleBritish Gas workers need rank-and-file leadership

triangleRonan Point disaster 50 years on

RBS:

triangleThem & us

triangleRBS to sack 1,000: nationalise the banks

triangleFinancial hardship facing millions of cancer sufferers

Libya:

triangleUnited working class movements can defeat Trump

triangle15 years since the invasion of Iraq: what we said

Royal Bank of Scotland:

triangle10 years since the financial crash - the socialist answer to capitalist crisis

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