Socialists have called for the £500 billion bailout of the banking system by the Labour government to be replaced by full-scale nationalisation.

Speaking on behalf of the Campaign for a New Workers’ Party, former Labour MP Dave Nellist said:

"This is the worst of all possible worlds. The government has set out a £500 billion 'rescue' of leading banks - but without public control or any real accountability. They are not even taking a seat on any of the boards.  This is 'socialism for the rich' - the state takes responsibility for the losses, whilst the profits stay in private hands.

The precise terms of this deal are still unknown (or, more accurately, secret) - but what is clear is that cuts in public spending or cuts in ordinary people's living standards are the inevitable price for this bailout. The whole banking system industry should have been fully nationalised, with minimum compensation for shareholders, and the industry restructured under democratic public ownership. The real books of the banks should have been open to the scrutiny of ordinary people, to see exactly how and why this crisis developed.

But the government's priorities are to restore the banking system under the control of the very people whose greed and selfishness brought it to the point of collapse!

And why is this 'rescue' just limited to the banks?

The stock market has fallen by over 30% in the last 11 months - but the only people the government seem interested in was those with savings of over £35,000, raising their protection to £50,000.  People about to retire, or relying on small savings based on stocks and shares, are facing a one third cut in their living standards.  The pensions industry should be nationalised and pensions protected.  Or are pensioners not worth as much as bankers?

It seems ordinary people are expected to be just spectators whilst the big three parties 'save' the banks and bankers.  We don't have an independent voice any more.  All three main parties speak for big business and the Establishment - no one speaks for ordinary working people.  A new party for working people urgently needs to be built, which is not afraid to use the real language of socialism against the failed and flawed free market system."

 

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