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From The Socialist newspaper, 3 November 2009

RBS/Lloyds - Yet more bailouts and job cuts

DISGRACED EX-RBS boss, Fred 'the shred' Goodwin (notorious for sacking workers), must have produced a wry smile when the government instructed the largely nationalised bank to sell off 318 high street branches shedding a further 3,700 workers.

RBS, which was bailed out with 20 billion of public money during the recent banking crisis, has already axed 16,500 jobs in its investment banking arm and from its back office staff.

The government will inject a further 25 billion, taking the government's share of RBS to 84%. Chancellor Alistair Darling will also provide an extra 8 billion in 'contingency funding'.

Part-nationalised (43.5%) Lloyds bank will also receive an additional 5.7 billion on top of the earlier 17 billion bailout funding. Like RBS, Lloyds will dispose of more than 600 branches over the next four years. In return RBS and Lloyds bosses say they will defer paying themselves lucrative bonuses!

All that appears to be happening is that the profitable parts of RBS and Lloyds will be sold off while the banks' toxic assets remain with the taxpayer.

The sell-offs, along with the sale of the 'best bits' of earlier nationalised Northern Rock, have been demanded by the European Commission to "safeguard competition" ie to satisfy the commercial demands of the other non-bailed out banks.

Such a move confirms what the Socialist Party argued during this year's European elections and what our counterparts in Ireland argued in the recent re-run Lisbon Treaty referendum, that the European Union is a glorified bosses' club, pursuing a neo-liberal economic agenda at the expense of workers' jobs and living standards.

Instead of bailouts, we demand socialist nationalisation of the banks and major financial institutions as part of an overall plan of production, without compensation to fat cats.

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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 3 November 2009:

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Socialist Party workplace news

'Modernisation' means cuts: Support the postal workers' fightback

Time to plan for all-out postal strike

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Socialism 2009

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Socialist Party statement

Action needed to bring election coalition into shape


Socialist Party news and analysis

We want workers' MPs on a worker's wage

RBS/Lloyds - Yet more bailouts and job cuts

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Victory at Crown Aerosols

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