Wide screen devices may view this page better by clicking here

Arguments for socialism :: Northern Rock



triangleArguments for socialism




spotAround the UK

All keywords

All Arguments for socialism subcategories:

* Arguments for socialism


Globalisation Anticapitalism


Northern Rock

Highlight keywords  |Print this articlePrint this article
From: The Socialist issue 629, 16 June 2010: Millionaire ministers savage public services

Search site for keywords: Northern Rock - Nationalisation - Jobs - Newcastle

Northern Rock throws workers on the dole

Northern Rock workers are stunned to hear that the bank is now planning another round of job cuts. Last week workers were hit by a redundancy bombshell of 650 job losses out of 4,500 staff. This works out to be one in seven of the workforce!

Paul Phillips, Newcastle Socialist Party

Workers leaving Northern Rock HQ after the news were saying how they felt it had been coming for a long time. And the remaining workers will still suffer - the managers are going after their own workers' pension pots by getting rid of the final salary pension scheme.

Northern Rock has been going through a restructuring process since its nationalisation in 2008. Since then we have already seen 2,000 job losses which were mainly based in Newcastle and Sunderland.

This is really only a sneak peek of what is to come. These job losses have come at a particularly bad time for the North East which is expecting massive spending cuts from the coalition government.

Unite has been quick to condemn these job losses and is quite rightly concerned that it could even be 1,000 job losses. Whether these hard words will be translated into tough action by the union we will have to see.

But Youth Fight for Jobs (YFJ) has already been on the streets campaigning to stop this job cutting madness! Now with its important support from the Unite union, YFJ is looking at ways it can coordinate with Unite to defend the jobs and working conditions of the Northern Rock workers.

All of this is being justified to make Northern Rock 'sellable' to the private sector. It is also obvious that the government is trying to make nationalisation a bad word to make it easier to hand it back to the private sector and to poison the words of the socialist and trade union movement.

The Socialist Party and Youth Fight for Jobs are demanding the permanent nationalisation of the banking sector under democratic workers' control and management - not run in the interests of profit but for working class people.

Such a banking system could offer cheap loans and mortgages for housing and small businesses.

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.

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.

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 click here to donate to our Fighting Fund.

Please donate here.

All payments are made through a secure server.

My donation


Your message: 


Arguments for socialism keywords:

Banking crisis (15)

Banks (291)

Clause 4 (1)

Clause four (6)

Consciousness (11)

Democracy (188)

Minimum wage (312)

Nationalisation (205)

New workers parrty (6)

Northern Rock (34)

Party funding (1)

Photographs (4)

Planning (86)

Podcasts (4)

Socialism 2007 (17)

Socialism 2008 (13)

Solidarity Scotland (1)

Solidarity (381)

The Socialist (1164)

Them & Us (25)

Trade union organisation (7)

Vaccine (13)

What we saw (38)

Workers (1848)

Workers press (1)

Working class (848)

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Article dated 16 June 2010

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


Pay in Fighting Fund

Pay in paper and book sales


Bulk book orders

New member submission


triangle19 Apr Oxfordshire & Aylesbury Socialist Party: Poland under Stalinism

triangle20 Apr Bristol North Socialist Party: Vaccinations, innovation and capitalism

triangle20 Apr Caerphilly & RCT Socialist Party: Election Question Time with candidates from TUSC


The Socialist, weekly newspaper of the Socialist Party




Workplace news

Lessons from history

Campaigns news

Readers' opinion

Subscribespacer|spacerebook / Kindlespacer|spacerPDF versionspacer|spacerText / Printspacer|spacer1129 onlinespacer|spacerBack issuesspacer|spacer Audio files

Thurrock council workers striking against pay cuts, photo by Dave Murray

Thurrock council workers striking against pay cuts, photo Dave Murray

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

Platform setting: =

Desktop version