Tag Archives: recession

The Crises of Capitalism

14 May

Impressive and engrossing RSA Animate clip, where academic David Harvey offers a fresh perspective on the 2008 crash, and looks beyond capitalism towards a new social order. Can we find a more responsible, just, and humane economic system? You can watch the full lecture here.

 

 

Committee Inquiry into black female unemployment

18 Jul

by Jyoti Bhojani

I’ve written in the past about the disproportionate effect of the recession on Black and Minority Ethnic communities and how evidence from previous recessions suggests that the BME community as a whole has the most to fear from economic downturns.  Equally, much as been said about rising levels of unemployment and how BME workers are typically the first to lose their jobs should the situation arise.
Now, a committee of MPs and Lords are turning their attention to black female unemployment.  The Right Honourable David Lammy MP, will lead a cross party inquiry to attempt to determine why there are huge inequalities between the BME women compared to their white counterparts.  Current figures show that 20.5% of Pakistani and Bangladeshi women, 17.7% of Black women are unemployed, while only 6.8% of their white counterparts are unemployed.  The Inquiry will attempt to determine why this is and how we can go about attempting to reduce these inequalities.  Addressing these inequalities are all the more important, given that the census figures show that there has been a rise in the BME population.

In order for the Inquiry to fully attempt to address BME female unemployment, their focus will be on Black, Pakistani and Bangladeshi women.  The Inquiry wants to hear from young women from these groups who are currently unemployed and who would be willing to take part in a short video to talk about their experiences of finding a job.  If you think that this might be something you would like to get in touch with Vicki Butler at the Runnymede Trust.  Further details can be found here:  http://www.runnymedetrust.org/projects-and-publications/parliament/appg-2/appg-inquiry.html

 

Jyoti Bhojani

Jyoti Bhojani is the National Young Labour BAME Officer

HSBC to cut 2,000 jobs after double-dip recession announced

26 Apr

by Amy Jackson

 

Yesterday brought the all-too-predictable news that Britain’s economy has shrunk for the second quarter in a row, and so entered a double-dip recession. With a failing economy, fresh allegations from the Leveson inquiry and a minister on the brink of resignation, Cameron endured one of his roughest PMQs to date. Ed Miliband capitalised on the government’s woes, demanding that Cameron did not offer another ‘excuse’ for the Coalition-imposed economic woes. With his usual stock response about who ‘got us in to this mess’, Cameron added, ‘We have got to rebalance our economy, we need a bigger private sector.’  But unfortunately for Cameron, the private sector is failing to come up with the goods. Unemployment still stands at 2.65 million, and news continues to flow of business more keen to cut staff than hire them.

The most recent set of redundancies have come from HSBC, the UK’s most profitable bank, who announced yesterday that they are to cut 2,000 jobs from mostly middle and senior management roles. HSBC clearly means business. They currently employ 50,000 people in Britain, and with these redundancies they are slashing 4% of its workforce. HSBC does not plan to stop here. Stuart Gulliver, CEO of HSBC, has made it clear he aims to shed 30,000 jobs worldwide by 2013 – 10 per cent of its workforce – saving £2.4billion a year. Obviously profits of £14 billion aren’t quite enough.

However, the union representing workers at HSBC, Unite, will not accept these job losses without a fight. The national officer for financial services, David Fleming, said: “Unite will oppose any job losses at HSBC and Unite is in dialogue with the bank regarding the speculation today. Bank staff deserve so much more than this awful treatment by HSBC or any other employer. How can this bank consider staff cuts when it was the workforce that delivered it a profit of £13.8 billion last year?

“The hypocrisy of CEO Stuart Gulliver taking home £8 million, while talking up job losses in order to save money, will not be lost on the workforce.

“Unite is outraged that bank workers, who throughout the financial services industry are serving customers daily, are having their jobs cut which will mean service will suffer.”

What will it take for Cameron and Osborne to realise that maybe they shouldn’t ‘stick to the plan’ and the private sector will not be the knight in shining armour they had hoped?

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