February 17, 2021
From Radical Glasgow (UK)
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        How long will it be before the public at large get really pissed off with being shafted generation after generation? In this capitalist system the bigger you are the less you play by the rules. In capitalism, when a small business runs into financial difficulties, it goes bust. However if you are a very large capitalist business, and you run into difficulties, then there is every chance that the government will bail you out with tax payers money. This is not new due to the pandemic, it is standard practice and has been for generations. The pandemic has just opened the sluice valves that bit wider. Of course it is not just happening here in the UK, it’s part and parcel of the capitalist system the world over. America is probably where the largest hand over of tax payers money to big businesses is happening.  

 

        Here in the UK we try to mimic the U$A in this bailout scam.  

    While SMEs struggle to gain access to government-backed loans, large corporations have already been bailed out to the tune of approximately £7.5bn via the Bank of England’s newly created Covid Corporate Financing Facility – and it’s all being hidden from public view. ——
—– The most concerning aspect about the CCFF however, is that neither the Bank of England nor the Treasury are being transparent about which corporations have access to the facility. The Bank explicitly states that “the names of issuers and securities purchased or eligible will not be made public” and recipient companies are even required to sign a confidentiality agreement regarding their participation in the scheme.
       A few companies however have seemingly broken this agreement by publicly announcing the support they’ve received through the CCFF. This includes EasyJet, Redrow, and Greggs who have secured £600m, £300m, and £150m respectively. With these sums amounting to £1.5bn, that leaves another £6bn already doled out to some of Britain’s biggest businesses completely in secret. 

       This is just the tip of the bailout iceberg, and all this while the NHS is struggling for more staff, equipment and funding, councils are slashing services to local communities and vulnerable groups are flounder in a morass of  poverty stricken services and facilities, and food banks grow by the day. It is glaringly and blatantly obvious that we the real wealth creators in society, are being plunder and pillaged by the rich and powerful, through the auspices by Her Majesty’s Government, yet we tolerate this generation after generation, while watching the ever growing poverty among our children, why? 



Source: Radicalglasgowblog.blogspot.com