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From The Socialist newspaper, 4 June 2008

Nationalise Bradford & Bingley

THE CHIEF executive of Bradford and Bingley (B&B) bank has stepped down amidst reports of massively reduced profits, due to an increasing number of accounts in arrears. The credit crunch, since it first started last summer, has seen more than 2.7 billion of B&B's market value (that's nearly 80%!) evaporate.

At the monied end of society, this is an opportunity for some of the wealthy to become even wealthier. A global private investment firm, TGP Capital, has agreed to buy up 23% of the company for 179 million. That angered B&B shareholders who call this deal a "disgrace".

At the sharp end of society, the credit crunch brings workers job losses and financial insecurity. We are paying for the banks' excesses such as 'sub-prime' lending - where they offered customers mortgages at five or six times their salary and used pressure sales techniques to sell mortgages to people who could not afford them.

At least 50 billion has been offered out to Britain's banks to protect them from the credit crunch. But the banks have not significantly cut mortgage rates and workers still suffer housing repossessions.

We say: nationalise B&B and the other banks under democratic control and run them to meet people's needs not to maximise profit.

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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.
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In The Socialist 4 June 2008:

New Labour's failures: Don't just get angry, get Active


Environment and socialism

Editorial: Target 'ecological' taxes at the biggest polluters

Heathrow protest: Demonstrating against a third airport runway

Cosmetic measures against fuel poverty


Socialist Party workplace news

Belfast Airport workers: The long battle for justice

Come to the national shop stewards network conference

National Shop Stewards Network second conference advert

Union members reject pay insult


Socialist Party campaigns

Don't deport AmDani Juna

Keep our NHS public

Nottingham: Student protests at arrests


Socialist Party review

Engels: A Revolutionary Life


Socialist Party youth and students

Youth against racism

London Youth Against Racism activity

National demo against racist BNP

Students step-up struggle

Berlin: 8,000 school students strike


Housing crisis

Markets cannot end house building crisis

Nationalise Bradford & Bingley


Environment: Nuclear power

Nuclear power: An expensive and dangerous failure


Football

The beautiful game, with beautiful profits for some


International socialist news and analysis

Lebanon - civil war or rule by sectarian landlords

Israel: Olmert will go, but the political crisis will stick


 

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Sub-prime:

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Housing:

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