Privatisation – Back to the Future?

Since the sale of Royal Mail pressure on the Government has risen over the botched way the sell-off was handled. The Business Secretary Vince Cable has rigorously defended his handling of privatisation of the Royal Mail but the incompetence is there for all to see. The National Audit Office report concluded that the sale was based on an undervaluation of Royal Mail which resulted in British taxpayers losing out on £750 million. 61% of British adults believe the sale of Royal Mail was a wrong with only 22% backing the deal.

The saga has been compounded by the revelation that the coalition was more eager to ensure their mates in the city were rewarded that the British people. It was finally revealed, after intense pressure on Cable, that the Government’s preferred investors included some of the most aggressive hedge funds in the world as well as investment firms which had close links to the financial institutions paid by the Department for Business to advise them on the sale.

However none of this should come as a surprise as back in 2006 the sale of the defence research organisation QinetiQ produced similar results. The Ministry of Defence were accused by the Public Accounts Committee of pushing through the deal at the “worst possible time” which as a consequence lost the British people £90m.

QinetiQ also denied the Committee’s accusation that its managers had profited at the taxpayer’s expense but QinetiQ’s senior managers received a return of £200 for every pound they invested, while the taxpayer got £9 back for every pound they put in.

Now a leaked document has revealed that the government is moving towards the privatisation of the Land Registry, which will give private firms a say in the granting of land rights, ending any pretence of objectivity in adjudicating between conflicting interests. The government could stand to raise £1.225 billion. Professionals and unions are opposed, not only because, as with the Royal Mail before the sell-off, it is making profits, but because, as Mark Serwotka has said, it is a political move.

Two governments, 3 different parties, but results the same; the rich get richer, British people get poorer.

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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