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From The Socialist newspaper, 7 January 2015

City Link redundancies

Bankers get bonuses...

...workers get the boot

City Link workers and fellow trade unionists protesting outside the bankrupt company's headquarters on New Year's Day 2015

City Link workers and fellow trade unionists protesting outside the bankrupt company's headquarters on New Year's Day 2015   (Click to enlarge)

Dan Crowter, Coventry Socialist Party

It was a happy new year for City banking bosses. With their bonuses, 121 members of Goldman Sachs were paid an average of 3 million each last year. It was not such a happy new year for everyone however.

Over 3,000 City Link workers received an unwelcome present when the haulage firm's bankruptcy was announced on Christmas Day. The courier workers were then given their redundancy notices by administrators on New Year's Eve.

The RMT transport workers' union has rightly described the decision as "disgraceful" and "brutal".

But the bosses of the company's owners, private equity firm Better Capital, won't be suffering. Its founder, millionaire Jon Moulton, has so much cash to spare he's been able to make big donations to both the Tories and Ukip.

When the banks faced collapse in 2008 they were bailed out - which we're now paying for through the destruction of public services, with 60% of the cuts still to come. But the government has barely lifted a finger for City Link's collapse.

All right for some

The investment bankers who were bailed out are doing all right for themselves though. In 2014 they raked in 54 billion in fees on company mergers and takeovers - a seven year high!

One estate agent reported a surge in investment bankers registering to buy apartments valued at 2 million to 5 million in London. While the City Link sackings are another example of how working class people are still suffering in this so-called 'recovery', the rich are getting even richer.

Courier firms like City Link should be nationalised, along with the recently sold-off Royal Mail, as part of a fully integrated, publicly owned postal service run under workers' control, to provide a service, not make profits.

Any system that leads to thousands of workers losing their jobs at Christmas - or any other time - is not fit for purpose and should be consigned to the dustbin of history.

A democratic socialist society is the only way to end capitalist exploitation. If you agree, join the Socialist Party today.

TUSC supporters at the City Link, photo by Coventry SP

TUSC supporters at the City Link protest, photo by Coventry SP   (Click to enlarge)


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In The Socialist 7 January 2015:


Socialist Party news and analysis

Bankers get bonuses... workers get the boot

2015: Deepening crisis - build the fightback!

NHS crisis: Government cuts to blame - not patients

Benefit sanctions ruin lives

'Election fever' - working class alternative needed

Scottish Labour leadership: more of the same

Them & Us


International socialist news and analysis

Greece: towards a Syriza government?


Socialist Party reports and campaigns

The battle for Sedgehill school

Stealing school fields? It's child's play

Socialist Students campaigning reports

Appeal to readers: cash needed to fight the cuts

Join the Socialists to fight for rent control


Socialist Party workplace news

Save the jobs of City Link workers

Barbour workers strike against worse conditions

London bus drivers to strike for single contract

Workplace news in brief


Readers' comments

State of the arts

Why I'm backing TUSC

Defending working class history


 

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Related links:

Bonuses:

triangleArgos Christmas bonus cut

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

triangleCity bosses' 40m bonuses as Number of food banks hits 2,000

triangleStop the 54,000 yearly maternity sackings

Bankers:

triangleThem & Us

triangleTurn Carillion crisis into movement against privatisation and capitalism

triangleTories torn - bin them now

triangleDefuse the consumer debt time bomb: nationalise the banks!

Redundancies:

triangleRolls Royce threatens 8,000 job losses

triangleNationalise British Airways to stop 12,000 redundancies

triangleStrike action saves jobs at Cammell Laird shipyard

City Link:

trianglePaul Reilly for RMT EC

triangleRegulator eyes Royal Mail for profit

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