Socialist Worker

Opposition to Private Equity

by Simon Basketter
Issue No. 2069

Richard Lambert, director-general of the CBI, was challenged over the tax arrangements of private equity firms as the unions claimed their jobs and conditions were affected by company takeovers.

Jack Dromey, deputy general secretary of Unite said, “Private equity makes the Cosa Nostra look like a model of openness and transparency by comparison. They take our members’ jobs, they pile our companies with debt, they fleece all of us by not paying their fair share of tax and then expect us to be grateful.”

Stephanie McCaig, of the GMB, complained that private equity firms enjoyed “special arrangements” and asked if the government should be trying to change the system.

Lambert was asked why the CBI continued to oppose a European directive aimed at giving new employment rights to agency workers.

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