Cyprus – A Warning To British Workers

One of the major problems facing Cyprus is the dominance of the banking sector in its economy. A key measure of this relationship is the size of the bank assets of a country compared to its Gross Domestic Product (GDP). Cyprus has bank assets 7.8 times larger than its GDP. This proportion is equaled by Ireland and exceeded by Malta which has a multiple of 8, which was also the multiple which Iceland had in 2008, when its banking system collapsed. The Icelandic people decided not to try and save it, but to let it collapse and start again, with a healthier banking sector which would serve their economy rather than dominate it.

The next highest multiple in the EU is the UK’s, at 5.4. To put this into context the EU average for 27 counties is 3.5, with Germany, Austria, Sweden and Belgium on 3.0 and Greece on 2.2.

During the Thatcher period of manufacturing closures, her economists and ideologues spread the idea that manufacturing was characteristic of less developed economies and the UK could thrive on the service sector, particularly finance and best of all the speculative part. The ‘Big Bang’ deregulation of finance was lauded as a great success, as was the destruction of much of manufacturing.

Blairites continued that philosophy which still holds sway in the current Tory-LibDem coalition. Despite their talk of ‘re-balancing the economy’, a serious plan to re-build Britain’s manufacturing does not exist. Instead there is blind faith in ‘the market’ and the hope that the finance sector will recover. The warning for British workers is clear; don’t trust the government, the banks or the EU. The plan must come from us.

The Workers’ Party Twitter Feed

Azov battalion surrender at the Azovstal steelworks; a symbolic defeat for Ukraine. US, UK & some EU governments still want to fight the war to the last Ukrainian; they continue warmongering and sending weaponry to Ukraine.
https://youtu.be/YSNhBbQtE5A

#Russia says it has no problem with #Sweden or #Finland, hence no problem with it joining #NATO. It will however monitor its deployment of troops and weaponry, and take action appropriate to the threats.
As in Britain it's up to the people to say #No2NATO.
https://youtu.be/doz4lfzAKNY

Protests outside the offices of the #NewYorkTimes against coverage of the murder of #ShireenAbuAqleh, by Israelis military, #IDF. The #BBC also reported "violence breaks out at funeral", even though video clearly shows Israelis police attacked mourners.
https://youtu.be/HEGelLR_Vqs

In a statement to MPs in late April Ben Wallace Secretary of State for Defence said "gifts of weapons by Britain could eventually total £500m" to Ukraine, as he gloried in the reported of the deaths of 15,000 Russian soldiers. https://www.theguardian.com/politics/2022/apr/25/uk-military-aid-to-ukraine-could-rise-to-500m-mps-told#:~:text=In%20a%20statement%20to%20MPs%2C%20Ben%20Wallace%20said%20gifts%20of%20weapons%20by%20Britain%20could%20eventually%20total%20%C2%A3500m%2C%20and%20he%20said%2015%2C000%20Russian%20soldiers%20had%20died%20since%20the%20invasion%20began%20on%2024%20February.&text=%E2%80%9CWe%20have%20gifted%20in%20aid%20%C2%A3200m%20which%20we%20propose%20will%20grow%20to%20%C2%A3500m%20to%20Ukraine%2C%E2%80%9D%20Wallace%20told%20the%20House%20of%20Commons.

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