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From The Socialist newspaper, 20 September 2007

Crisis will hit north east jobs

NORTHERN ROCK'S headquarters are in Gosforth, near Newcastle, and they employ around 4,700 people in North-Eastern England. The socialist spoke to one Northern Rock employee who said, 'We're all worried about our jobs."

Elaine Brunskill

She went on to explain: "Working at the Northern Rock's call centre is very target-driven, which means mortgages aren't always properly explained to people.

"Mortgages are routinely given to up to 125% of the purchase price of the house, and people are given amounts which are four, five or even six times their salary.

"Northern Rock have ruthlessly closed down local branches and pushed for internet banking and call centres.

The upshot of this has been many small investors moving their accounts because they no longer had a local branch with easy access to put money in or out of their account."

Many workers at Northern Rock are low-paid, but this is not the case for its CEO, Adam Applegarth, who was paid 1.3 million last year.

He reportedly took the job because he was allowed time off to play cricket during the summer. No doubt if he is made redundant he will receive a golden handshake.

In the US, big payouts to failed CEOs are known as golden condoms because they protect the bosses and screw the workers.

The Northern Rock, described in The Observer as the 'hungriest mortgage machine on the high street', has been the first British bank to be hit by this crisis, but the crisis won't end there.

Later developments may include problems around the future of Northern Rock Foundation, a charitable group that gives money to voluntary sector organisations in north-east England and Cumbria.

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In The Socialist 20 September 2007:

Nationalise the banks

Economy hits a rock

Crisis will hit north east jobs

Time for a new party


Socialist Students

Fight for a living grant

What do youth think?

Student Socialist: Issue 5 out now!

Studying on a low wage

Flexible hours? Suits you sir!


Socialist Party NHS campaign

NHS: Our message to Labour

Swansea - no more cuts for cash


Socialist Party news

Victory! Campaign saves nursery

Medway schools

Lobby demands asylum for Sadiq


Socialism 2007

Socialism 2007

Make Socialism 2007 an unforgettable weekend


TUC Conference

TUC conference: Workers defy Brown

Linking the struggles together


International socialist news and analysis

Egypt: Worker militancy shows pressing need for political voice


Socialist Party review

Consumed: How markets corrupt children, infantilise adults and swallow citizens whole


Workplace news and analysis

Remploy workers fight for jobs

Defend the Burslem 12

CWU: Further national action discussed


 

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Related links:

Northern Rock:

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

triangleTories flog bank assets to hellhound US profiteers

triangleThem & Us

triangleNationalise the banks

triangleTories and Labour fail to give 'Any Answers'

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triangleYoung people being strangled by debts

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

triangleOver a million families in 'extreme problem debt'

triangleLife on Cameron's 'sink estates': "This is my home!"

Newcastle:

triangleNewcastle Socialist Party: World economic crisis - how severe and long?

triangleThe role of the Socialist during the corona crisis

triangleSelling the Socialist

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