Socialist Worker

Economic crisis

Are the banks to blame?

27 January 2009
It’s difficult to believe that bankers could become even less popular, but that is exactly what happened last week. Fresh from soaking up some £200 billion in emergency funds from the government, Britain’s major banks turned round and asked for more.

World rulers panic as banks’ crisis returns

20 January 2009
Gordon Brown’s bailout for the banks reflects a growing sense of panic among the ruling class as the economic crisis deepens.

Gordon Brown throws more money into growing banking black hole

20 January 2009
The latest bailout of the banks will cost at least £200 billion according to the government’s own figures – and we will get nothing in return.

A bank worker speaks out

20 January 2009
"The anger and bitterness of workers at the Royal Bank of Scotland (RBS) is intense.

Bailout will mean cuts

20 January 2009
The government is committed to £5 billion in "efficiency savings".

Money shops: Pushing us into the red

20 January 2009
The recession in Britain is deepening and ordinary people are paying the price – with hundreds more losing their jobs every day. But not everyone is suffering. For some the economic crisis represents a huge opportunity to make a cheap buck from other people’s misery.

Take the banks from the bosses

20 January 2009
As economic recession tears into Britain, millions of us spend our nights fearing for the future. More than half of all workers are worried that they might be on the dole by the end of the year.

Household debt and repossessions on the rise

06 January 2009
The average household debt increases by over £6.30 every daySome 2,430 Consumer County Court Judgements (CCJs) for debt are issued every dayOn average 124 properties were repossessed every day during the last three months. The Council of Mortgage Lenders estimates this will increase to approximately 205 a day this yearGovernment figures say that 44 percent of mortgage holders are worried about being able to meet their payments and 47 percent of local authority and housing association tenants are worried about being able to pay their rent Some 422 mortgage possession claims are issued and 323 mortgage possession orders are made every day

Sign of the times as high street chains go bust

06 January 2009
The last 200 Woolworths stores were closing down as Socialist Worker went to press.

Gordon Brown’s ‘public works’ job plan doesn’t add up

06 January 2009
Gordon Brown pledged this week that up to 100,000 jobs could be created by planned public works in the coming years.

Protectionism: can it help us survive?

06 January 2009
The economic crisis that swept the globe in 2008 provoked debate about whether individual states or trade blocs could insulate themselves from the international turmoil through "protectionist" economic measures.

Fights, not concessions, can save workers’ jobs

15 December 2008
Unemployment in Britain was set to pass two million over the Christmas period. As the economic crisis bites, it brings more announcements of job losses and reasons for people to be fearful for their jobs.

Jobs slaughter continues as bosses slash production

02 December 2008
Signs that Britain faces the worst recession in more than 20 years were confirmed by a collapse in the value of the pound, a sharp drop in the value of shares, and reports of a dramatic drop in demand by British manufacturers.

Hoover campaigners say job losses suck

02 December 2008
Campaigners against the closure of the Hoover factory in Merthyr Tydfil, South Wales, are gearing up for a protest meeting planned for Wednesday of next week.

Trouble in China

02 December 2008
The dramatic fall in the US economy came as official unemployment rates in China were set to rise to 4.5 percent – the highest in a decade.

Three steps to save jobs

02 December 2008
The threat of redundancy is hanging over the head of millions of workers as the economic slump deepens. Every day seems to bring new announcements of huge job losses at factories, shops and offices around the country.

Merthyr Hoover workers: ‘We won’t let town die without a fight’

25 November 2008
"I worked at the Hoover plant for 18 years until 1980," says Huw. "It was good solid work. My whole family worked there – my father, uncle, two brothers and myself. There wasn’t a family round here that wasn’t connected to that place.

Time to bury the free market

25 November 2008
Gordon Brown’s pre-budget report this week has been heralded by the media as marking the end of three decades of Thatcherism.

Graham Turner on facing the economic deluge

25 November 2008
The tax cuts unveiled by chancellor Alistair Darling on Monday were cheered by the Labour Party faithful. But one only has to glance at the recent shocking turn of events in the US to see why these tax cuts will fail to rescue the economy.

Bretton Woods: Why economic history will not repeat itself

25 November 2008
In July 1944 the leaders of 44 Allied countries met in a small New Hampshire town called Bretton Woods to discuss how to run the global economy in the post-war world.

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