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From The Socialist newspaper, 11 June 2008

Banking on NHS profits

A REPORT from the public accounts committee says that Britain's biggest bank, HSBC, and its investors, have made around 100 million from NHS hospitals. HSBC's subsidiary infrastructure company, HICL, manages NHS hospitals where contractors charge taxpayers inflated bills for simple tasks.

Hospitals are charged 210 for an electrical socket, for example, and 200 to fit a computer socket. Since it was launched in March 2006, the HICL fund, based in Guernsey to save HSBC taxes, has acquired large stakes in 27 private finance initiative (PFI) schemes.

PFI schemes are already far more expensive than publicly funded schemes, having to allow for massive profits but these sub-contracted firms add millions to the NHS's costs. In 2006, 180 million was made by such contractors for expensive extras that a PFI hospital is contractually obliged to use.

The conclusion many people will come to is that the only banks that should be involved in the NHS are blood banks!

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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.

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In The Socialist 11 June 2008:


Socialist Party NHS campaign

Stop the NHS sell-off

Banking on NHS profits

My pain - and privatisation


Anti-racism

Racist BNP have no solutions!


Socialist Party editorial

Will Obama win?

Obama declares victory, and shifts to the right


Socialist Party campaigns

"Anti-terror" laws are no solution


Defend Tommy Sheridan

Stirring rally backs Tommy Sheridan

Unison witch-hunt hits Northern Ireland


Campaign for a New Workers Party

Come to the Campaign for a New Workers' Party Conference

New Labour's parallel universe

Waltham Forest protest

Them & Us


Socialist Party youth and students

Underfunding youth facilities: It makes no sense!


Socialist Party feature

Oil price shock - the chaos of capitalism

Sudan's poor paying the price for oil

Fast news


Socialist Party review

Immortal Technique at the Coronet, London 4 June 2008


Socialist Party workplace news

Usdaw needs a fighting leadership

Organise to fight the public-sector pay robbery

National Shop Stewards Network second conference

Fujitsu workers strike to save jobs

The costs of privatisation

Brighton bus drivers strike


 

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Related links:

NHS:

triangleCoronavirus pandemic news in brief

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

triangleContract tracer speaks out: Tories' plan is outsourced chaos

triangleCommunities condemn Tory handling of crisis - with safe protests

PFI:

triangleCapitalism fails NHS services in Liverpool: scrap PFI!

triangleNorthern Ireland: strike action by NHS workers

triangle300 NHS nurse suicides in seven years - fully fund our health service now!

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