Press Watch 7/10/2019

Away from the headlines about Brexit, there is much of interest in today's media.


There is a splash story in the Financial Times about mega bank HSBC. The world is still feeling the aftershocks of the world banking crisis more than a decade ago. As we know, no banker really faced serious action in spite of the economic damage done by their reckless greed.


They have shown little self-awareness or shame since those events and now we see the old ways coming back. Today the FT is suggesting that HSBC seeks to embark on a ‘cost-cutting exercise’. As always this will involve people losing their jobs. There is a speculation that 10,000 will go worldwide. All in the name of profit. A source at the bank suggests that they are wondering why there are so many employees in Europe compared to elsewhere in the world and that the bank is looking at attempting to achieve double digit profit returns as they do in Asia.


And there you have it. Little thought about the welfare of employees or the wider community whose interests the banks are meant to serve. The banking sector is dangerously close to being out of control once more.


A similar thought might be applied to the care sector in the UK. The Guardian reports that the Advinia Group. This group is one of the UK’s biggest care home operators, caring for 3,000 elderly residents.


They are reportedly being investigated by regulators, but failing to disclose key indicators about its financial health. According to the paper ‘Advinia’s submissions to the CQC over a three-month period in summer showed the company was not generating enough cash to meet capital and interest repayments in the next few months, including £6.2m owed to Credit Suisse next May.’


It is wrong that in recent decades almost the entire British care system has been handed over to the private sector with its relentless drive for profitability, too often jeopardising the long term care needs of their clients.


Although Boris Johnson is seeking to portray himself as a One Nation Tory whose priorities remain those of the wider British population, the truth is that he will not address deep-rooted and often acute needs of our country. This is precisely because he is what he is: a Tory.


Neither the problems caused by the banks nor the care system will be resolved by a government wedded to purely private sector solutions under this government. Nor will the profound inequalities which exist in Britain as we can see from today’s report in the Mail. Their headline catches the essence of the story. ‘A second minister declares war on death duty’


Right-wingt wing pundits hope that the nation is so preoccupied with Brexit that we won’t notice that the underlying problems in our country are being made worse by Tory politics. It is our job to ensure that this does not happen.


The next election needs to be a turning point in our nation’s history. And we don’t mean that it ought to be narrowly and exclusively focused on Britain's membership of the EU. We expect a transformational manifesto from Labour and the fight for a decent society will begin in earnest.

Bring it on.

Press Watch is a look at the day's news by Labour MPs.

©2019 by Scarlet Standard.