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This is a reblog in all but name – Michael Meacher MP, writing on Left Futures, tells us that Gideon George Osborne is keen to re-privatise the Royal Bank of Scotland and Lloyds before the next general election – not to maximise the Treasury’s gain but to spite the Labour Party!

In fact a sale at this time would result in a loss of £24 billion at current share prices. According to Mr Meacher, it seems the chancellor who forced £18 billion of cuts on benefits for Britain’s poorest, and £81 billion of cuts on public services, is perfectly happy to lose this huge amount of money for ideological purposes.

Mr Meacher says Labour would break up these banks and reconstruct them as sources of investment in industry, lending out money in order to boost the economy.

The Conservatives were never really interested in sorting out the economy, of course – their plan was always to privatise as much as they could, create a market out of as many public services as possible, in order to suck money out of the working- and middle-classes who rely on public-sector services to keep their costs down.

People are starting to realise that at last, and it is to be hoped that today’s election results reflect this newfound understanding.