Wide screen devices may view this page better by clicking here

20 October 2021

Facebook   Twitter

Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Socialist nationalisation not bailouts for the bosses

Gas works David Dixon/CC

Gas works David Dixon/CC   (Click to enlarge)

Josh Asker, North London Socialist Party

Bosses of energy-intensive industries are clamouring for government bailouts. Soaring gas prices internationally are hiking the cost of energy and threatening the profits of industry. With the threat of some firms going under, workers' jobs could be at risk.

As is increasingly the case, cracks are widening in Johnson's cabinet. Business Secretary Kwasi Kwarteng has come into conflict with Chancellor Rishi Sunak over the issue of financial help for British industry hit by rising energy prices. This reflects divisions among wider sections of the capitalist class about what way forward for British capitalism, with Sunak favouring spending restrictions. Johnson sided with Kwarteng's call for a rescue plan but details of any deals are yet to be revealed.

There can be no trust in the Tories to save jobs and act in the interests of workers. Many of these industries have been raking in profits, and their shareholders collecting lucrative dividends, and now they want a bailout. In September, ministers already agreed a bailout for CO2 supplier 'CF Fertilisers' - such are their fears of a lack of CO2 disrupting supply chains, particularly food production. Many workers will ask: where is our bailout to cover the cost of rising energy bills?

Responding to this pressure, Sunak has insisted any package will be subject to conditions - that questions will be asked about dividends and bonuses before issuing state-backed loans. No doubt the Treasury is feeling the extra scrutiny following the Greensill scandal - where former PM David Cameron used his connections to lobby for a loan for Greensill Capital before its subsequent collapse in March.

Details of exactly what government financing went to Greensill, and the extent of the bailout for CF Fertilisers, remain secret. The only way to determine what resources these companies truly have access to is to open the books to inspection by workers and the trade unions.

Bailouts, including in the form of government-backed loans, must not simply be handed over to the bosses only for them to proceed to sack workers or resume making lucrative profits in the future. The only way to secure jobs in these industries is on the basis of nationalisation under democratic workers' control and management. Investment could then be planned to ensure a transition to green production that protects jobs, terms and conditions.

The volatility in world markets, and further disruption to supply chains, will continue to add to capitalist instability, with rising prices hitting workers hardest and putting jobs at risk (See 'Capitalism's economic instability in the new normal' at socialistparty.org.uk). Only a democratic, socialist planned economy based on the public ownership of the banks and main levers of the economy can overcome the chaos of crisis-ridden capitalism and provide security and prosperity for workers, and a sustainable future for the planet.

Donate to the Socialist Party

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.

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 Fighting Fund.

Please donate here.

All payments are made through a secure server.

My donation

 

Your message: 

 


In The Socialist 20 October 2021:


News

Fight for a socialist recovery

Tories to blame for GP crisis

Container delay carnage makes the case for socialist planning

Socialist nationalisation not bailouts for the bosses


Workplace news

Unite union policy conference

University workers ballot for strike action

Unite and fight for 30,000 permanent DWP jobs

Gwent valleys Stagecoach bus drivers strike for fair pay

Reinstate Gary Evans! Llanelli postal workers strike

Napo AGM 2021: Union placed on war footing

Scunthorpe scaffs strike for pay


People's budgets

People's Budgets - a socialist answer to cruel cuts

Brighton bin workers' victory in sight

Fight to defend homelessness services

Ealing People's Budget - cuts can be resisted

Northampton People's Budget - cuts and privatisation is a failed strategy

Fighting the cuts at the ballot box in Liverpool


Fall of apartheid

The fall of Apartheid in South Africa


Climate change

COP26: Trade unions must fight for a socialist transition to renewables

Save the planet from capitalist climate catastrophe


International

Austria: Chancellor Kurz resigns amid allegations of corruption


Obituary

Obituary - Tony Davison: "I work for Militant, but Laing's pay my wages"


Campaigns

"Are you the socialist cabby?"

Housing crisis: Tories and Labour are not on our side

Liverpool arms fair: Hundreds of protesters defy police 'dispersal zone'

Hackney children's centres - more education cuts are devastating

Biggest protest yet to save Stratford Circus

Doncaster: Vigil condemns violence against women


Readers' opinion

I'm unemployed: For me vacancy crisis is a lie

TV review: Squid Game


 

Home   |   The Socialist 20 October 2021   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Nationalisation:

triangleEnergy market chaos makes the case for nationalisation

triangleTory government nationalises Sheffield steel plant

triangleWhat's needed to stop more Covid outbreaks?

triangle1971: Rolls-Royce crisis - when the Tories nationalised in order to secure the interests of British capitalism

triangleCaerphilly & RCT Socialist Party: The case for nationalisation

Socialist:

triangleKickstart scheme 'insufficient and flawed'

triangleBulb bailed out, nationalise energy to solve price crisis

triangle27 dead in channel migrant tragedy

triangleArgentine elections see deepening polarisation

Workers:

triangleNHS workers - vote yes for action to win a decent pay rise

triangleNHS Critical

triangleHousing campaigners protest CEO champagners

Jobs:

triangleRMT strikes against abolition of night tube train operators

triangleYouth fight for well-paid green jobs and socialist change

Energy:

triangleWales: The Labour-Plaid Cymru agreement - jam tomorrow, maybe

Capitalism:

triangleAfter COP26: where next for the climate movement?

Article dated 20 October 2021

Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

MEMBER RESOURCES

Pay in Fighting Fund

Pay in paper and book sales

Leaflets

Bulk book orders

New member submission

WHAT'S ON

triangle1 Dec Hackney & Islington Socialist Party: China - 1928 to the 1949 revolution

triangle2 Dec Cardiff East Socialist Party: The Russian Revolution 1917 - what happened?

triangle2 Dec Southampton Socialist Party: A report from the Socialism 2021 event

More...


The Socialist, weekly newspaper of the Socialist Party

Subscribespacer|spacerebook / Kindlespacer|spacerPDF versionspacer|spacerText / Printspacer|spacer1158 onlinespacer|spacerBack issuesspacer|spacer Audio files


Socialism 2021 rally, Saturday 20th November 2021: Our future at stake - What now for the struggle for socialism?

More videos ...

What We Stand For
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Platform setting: =

Desktop version