Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://secure.socialistparty.org.uk/issue/502/3127

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.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


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


 

Home   |   The Socialist 20 September 2007   |   Join the Socialist Party

Subscribe   |   Donate  




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'

Mortgages:

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:

triangleSelling the Socialist

triangleAsda workers protest against worse contract

triangleDurham Miners' Gala

Reports and campaigns

Reports and campaigns

23/1/20

London

Unite regional committee votes to support anti-cuts Enfield councillor

22/1/20

East London

A win against academisation in east London

22/1/20

Council

Make a stand: set legal no-cuts council budgets

22/1/20

Tamil Solidarity

Building Tamil Solidarity with youth and the unions

22/1/20

Royal Mail

Royal Mail workers to reballot for strike action

22/1/20

South Yorkshire

"If you think bus and rail services are crap, sign our petition to take them back"

22/1/20

Belfast

Belfast Hovis workers' all-out strike

22/1/20

PCS

Renewing the left in PCS

22/1/20

Liverpool

Capitalism fails NHS services in Liverpool: scrap PFI!

15/1/20

Young people

Young people who voted for Corbyn's manifesto will now ask... How can we win those ideas?

15/1/20

Scotland

Massive Scottish independence demo marks new stage in struggle

15/1/20

London

London: Protesters return to oppose Middle East war

15/1/20

Government

Cladding scandal: Government steps up defence of landlords

15/1/20

Nottingham

Nottingham: Youth protest against Barclays 64 million fossil-fuel investments

15/1/20

Strike

Westex Carpet strike reaches two month mark

triangleMore Reports and campaigns 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: 020 8988 8786

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


January 2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999