Wide screen devices may view this page better by clicking here

Pensions

spotCampaigns

spotOrganisations

spotArguments for socialism

spotPeople

spotInternational

spotEvents

spotAround the UK


All keywords


All Campaigns subcategories:

Anti-capitalism

Anti-fascist

Anti-racism

Anti-war

Asylum

Black and Asian

Children

CNWP

Corporate crime

Disability

Education

Election campaigns

Environment

EU

Finance

Food

Gender Recognition Act

Health and safety

Health and welfare

Housing

Human Rights

LGBT Pride

Local government

Local services

Low pay

Migration

Nationalisation

New workers party

NHS

* Pensions

Post Office

Poverty

Privatisation

Public Services

Socialism

Socialist

Sport

Stop the slaughter of Tamils

Students

The state

Transport

TUSC

Welfare rights

Women

Workplace and TU campaigns

Youth


Pensions


Highlight keywords  |Print this articlePrint this article
From: The Socialist issue 1112, 2 December 2020: Better for billionaires, Worse for workers

Search site for keywords: Retail - Jobs - Closures - Nationalise - Pensions - Pension

Arcadia and Debenhams closures: Nationalise to save jobs and pensions

Topshop and Topman are under threat, photo Mtaylor848/CC

Topshop and Topman are under threat, photo Mtaylor848/CC   (Click to enlarge)

News of the collapse into administration of retail consortium Arcadia - owners of Topshop, Burton and Dorothy Perkins - with the threat to 13,000 jobs, was followed by the announcement that Debenhams department stores will probably close, axing 12,000 jobs.

Faced with such devastating job losses, the trade unions must take concrete action to force the government to halt mass redundancies and guarantee these workers a livelihood.

Arcadia's insolvency is not simply another Covid-affected high street business collapse. Its problems predate the pandemic.

Likewise Debenhams, which had already cut 6,500 jobs, had long been teetering on the brink of collapse, after years of underinvestment.

Arcadia is officially 'owned' by Sir Philip Green's wife who resides in the tax haven of Monaco. This is where, in 2016, Philip Green was notoriously photographed lounging on his 100 million super-yacht when his previously-owned BHS company collapsed, leaving 11,000 workers unemployed and a huge 571 million hole in the workers' pension fund.

Asset-stripper

Green is an asset-stripper. Like a financial vampire, he has never invested his money to build businesses but acquired them to suck out money to enrich himself.

In the case of BHS, during 15 years of ownership, Green siphoned 580 million in dividends, rental payments, and interest on loans, and then sold the company for 1.

Only after government pressure, and the possibility of losing his knighthood, did the billionaire subsequently write a 363 million cheque to stop BHS's pension fund collapsing.

However, it still meant that workers, on average, only received up to 88% of their original pension entitlement. In a rerun of the BHS nightmare, Arcadia's pension fund is 350 million in deficit.

Vulture companies are now circling to see what scraps they can scavenge from the carcass of Arcadia. The Socialist Party demands that the retail group is nationalised to save thousands of workers' jobs and pensions.

Moreover, Philip Green's non-dom tax status should be ended, and he must be made to pay back the money extracted from the labour of Arcadia workers into their pensions pot.

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: 

 






Pensions keywords:

Elderly (45)

Pension (286)

Pensioners (87)

Pensions (575)

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

Article dated 2 December 2020

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

triangle15 Jun Bristol North Socialist Party: Education under capitalism

triangle15 Jun Caerphilly & RCT Socialist Party: The socialist approach to the environment

triangle15 Jun Brighton Socialist Party: Disability, neurodivergency, and the left

More...


The Socialist, weekly newspaper of the Socialist Party

News

What we think

NHS

Workplace news

Lessons from history

Campaigns news

Israel/Palestine

Readers' opinion

Subscribespacer|spacerebook / Kindlespacer|spacerPDF versionspacer|spacerText / Printspacer|spacer1137 onlinespacer|spacerBack issuesspacer|spacer Audio files


RMT picket at Nottingham station - East Midlands Railway dispute - Sunday 13th June, photo by G Freeman

RMT picket at Nottingham station - East Midlands Railway dispute - Sunday 13th June. Photo G Freeman

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

Platform setting: =

Desktop version