Unite: This shows Thatcher was wrong

Monday, 13, Oct 2008 12:00

Derek Simpson, Unite joint general secretary, comments on the part-nationalisation of several UK banks:

"The government has shown strong leadership and decisiveness in a time of great uncertainty. The measures announced today must be bound to undertakings by the banks of no job losses, no repossessions and an end to the bonus culture.

"Thatcher buried Keynesian economics and the current crisis shows just how wrong she was. Government intervention is not only necessary in the financial services but intervention on a wider scale is necessary to protect jobs and the economy in a recession.

"Workers in the financial services industry are not the culprits of the credit crunch and we are not prepared to allow them to become the victims. The taxpayer must now get a firm assurance that the financial lifeline extended to these large organisations will be used to protect jobs and the public. It is not acceptable for the government to socialise the risk without allowing the wider society to capitalise on the rewards in the finance industry."