Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://secure.socialistparty.org.uk/issue/1088/30811

From The Socialist newspaper, 26 May 2020

Under the microscope - Coronavirus pandemic news in brief

Coronavirus

Coronavirus   (Click to enlarge)

Tories consider nationalising

Chancellor Rishi Sunak is launching a bailout scheme called 'Project Birch' to prevent the collapse of key big businesses. Essential sectors like airlines, steel and manufacturing could receive public loans "on a 'last resort' basis," says the Treasury.

However, the governor of the Bank of England has told MPs that many firms are already drowning in debt. They may prefer to sell shares in their companies rather than take on more loans.

And bankers' association TheCityUK is pressuring Sunak to consider part-nationalisation. Financiers are concerned that private business will not be able to pay back all that debt. They estimate that government-backed loans alone could exceed 100 billion, having hit 40 billion within two months.

The government might guarantee banks' repayments by changing its loans into shares. "You convert into preferred equity on the assumption that some of these companies have a good future, then flog them - la Margaret Thatcher - over time," says the chief economist at investment bank Goldman Sachs.

But denationalisation " la Margaret Thatcher" is part of what got us into this mess in the first place! We say: forget bailouts for bosses and banks - nationalise finance and big business with no compensation to the fat cats. Then run them under the democratic control of workers and service users, not the profit parasites and their lackeys!

Migrant surcharge lifted

Public anger at mistreatment of health staff has forced the Tories to stop the 400 NHS surcharge on visas for overseas NHS workers. The fee remains for other workers from outside the UK, and rises to 624 in October.

We say: scrap all healthcare charges for all users - prescription payments, dental and opticians' fees, visa surcharges and the rest. Make the privateers and billionaires pay!

Top 1% take 17% of wealth

The richest 1% in Britain were taking 16.8% of national income up until the Covid crash, reports the Resolution Foundation. The figure was previously calculated as 13.8%, which didn't include taxable 'capital gains' like land, shares and fine art.

While the top 1% took almost 17 times over the odds, the top 0.1% took over 80 times over the odds. They received 8.1% of national income - previously calculated to be 5.6%

Tory panic laws

The government is exploiting pandemic disruption to rush through anti-worker legislation. The new immigration bill passed its first stage on 18 May, and a new counter-terrorism bill has just materialised.

The immigration bill would introduce a 'points-based' system which punishes 'low-skilled' workers like those risking their lives in the NHS, care homes and supermarkets. The counter-terrorism bill would make even more extensive snooping on unconvicted people lawful - trade unions, beware.

Donate to the Socialist Party

Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • Our 'fighting coronavirus workers' charter', outlines a programme to combat the virus and protect workers' living conditions.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our special coronavirus appeal.

Please donate here.

All payments are made through a secure server.

My donation

 

Your message: 

 


In The Socialist 26 May 2020:


What we think

Reckless lying cheats


Schools

Schools aren't safe

United action can defeat Tories' dangerous school plan


International news

Economic collapse leads to renewed protests across Lebanon

Chinese state's imposition of draconian law reignites Hong Kong protests


Coronavirus news

Care home workers suffer PPE shortage and job loss fears

More blunders and profiteering in Tory track-and-trace scheme

Eerily quiet before second wave - don't reopen schools!

Coronavirus pandemic news in brief


BAME Covid-19 deaths

Black and Asian Covid-19 deaths: an indictment of capitalist inequality


Workplace news

Strong union response needed against job cuts

No return to unsafe construction sites

Energy firm plans to make 2,600 redundant

Fight P&O's billionaire bosses' jobs cut plan

Hull Trades Council debates workers' political representation


Lessons from history

The 'Lucas Plan'

1920s Britain: A "country nearer Bolshevism than at any time since"


Obituary

Mick Cotter 21-9-57 to 20-5-20


Fighting fund

We need readers' support to fight capitalist crisis


Readers' opinion

Going viral - Socialist comments and letters


 

Home   |   The Socialist 26 May 2020   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Coronavirus:

triangleMoJ cleaners' covid outbreak

triangleTory full return to school plans gamble with lives

triangleThe Socialist inbox

triangleRenationalisation of the probation service

triangleThem & us

Workers:

triangleSelling the Socialist

triangleReaders' opinion

triangleA socialist NHS fit for heroes

triangleSunday trading: Government blinks first

Shares:

triangleCapita in crisis: bring all outsourcers back in-house

triangleAmazon tax halves as revenues soar - nationalise now!

triangleSocialism 2016: Putting socialism on the agenda

Government:

triangle75th anniversary of the Attlee Labour government

triangleLeeds City Council in danger of bankruptcy

NHS:

triangleContact tracing fiasco: You can't believe a word the government tells us

News and socialist analysis

News and socialist analysis

1/7/20

Coronavirus

Tory full return to school plans gamble with lives

1/7/20

Trans rights

Yes to self-identity

1/7/20

Waste

Plastic waste ignored

1/7/20

Covid

Tories put profit before lives

1/7/20

NHS

A socialist NHS fit for heroes

1/7/20

Labour Party

Workers need a new mass party to defend their interests

1/7/20

Food

News in brief

1/7/20

Tory party

Capitalism and corruption go hand in hand

1/7/20

Government

Boris's new big deal

1/7/20

Benefits

Benefits system being used to force return to unsafe workplaces

30/6/20

Britain

A new movement for system change

24/6/20

Housing

Act now to cancel Covid crisis rents and debt

24/6/20

South Wales

Victory for Royal Glamorgan A&E!

24/6/20

Coronavirus

Lifting the lockdown: workers must not pay the price

24/6/20

Young people

Young people fighting back: Jobs and homes, not racism

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 079 8202 1969

East Mids: 077 3797 8057

London: 07748 534 891

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 079 3539 1947

West Mids: 024 7655 5620

Yorkshire: 077 0671 0041

ABOUT US

ARCHIVE

Alphabetical listing


July 2020

June 2020

May 2020

April 2020

March 2020

February 2020

January 2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999