Link to this page: https://secure.socialistparty.org.uk/issue/536/4807
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.
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.
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
Markets cannot end house building crisis
Nationalise Bradford & Bingley
Environment: Nuclear power
Nuclear power: An expensive and dangerous failure
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
The Socialist 4 June 2008 |
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