The Bankers’ Recession
The short-term cause of Britain’s unemployment crisis is the bankers’ recession.
The collapse in the globalised free trade economy, on which successive Tory and Labour regimes have made Britain dependent, is dragging British industry and commerce down with it.
In turn, tax revenues to the public purse have been drastically cut, resulting in huge job losses, with even more to come.
The figures speak for themselves.
If the unemployment statistics for the last quarter of 2008 – when the disintegration in a sea of financial fraud and bad debt of much of Wall Street and the City had yet to hit ordinary folk – are compared with those of the last quarter of 2010, the latest available, they make grim reading.
Overall, unemployment rose by nearly a quarter as the bankers’ recession hit.
Nearly 2.5 million are now officially unemployed, but millions more are jobless, though ‘disguised’ as long-term sick or similar to fiddle the figures down.
School-leavers and workers in their peak productive years between the ages of 25 and 49 were worst hit, with their unemployment rate shooting up by nearly a third.
Thanks to their clout with their friends and puppets in the political elite, the one group unaffected by what some call the Banksters’ Bust are the bankers and City speculators who caused it all in the first place.
After a brief lull, when media coverage of the disasters caused by their greed was at its height, bankers’ bonuses are back with a shocking bang.
Predictably, after a bit of posturing and empty rhetoric, the Conservative Government has done nothing to put this right.
Well, the British National Party would put it right, and a lot of greedy bankers would be paying a lot of extra tax!