Economy

British bosses wail about taxes

The annual conference of the bosses' organisation the CBI is usually marked by a series of complaints about wages (too high), regulation (too much) and taxes (too unavoidable) - just like a trade union conference but in reverse. This year's conference is no exception.

Bank of England Governor to bosses 'Wage cuts now possible'

Several months ago there was a report in some British papers of an unusual speech by the Governor of the Bank of England, Mervyn King. The speech gives a glimpse of a discussion that must have recently taken place amongst the British capitalists, and which the Gate Gourmet dispute is a direct consequence of. It is about the use of cheap immigrant labour to drive down wages and worsen working conditions.

Britain's House of Cards Wobbles

House price increases are slowing down in Britain. In June in London prices actually fell. This is the beginning of the end of the house price bubble and it will be very painful for many families who have borrowed on the basis of the increased equity in their property. It will have a knock-on effect on the whole economy as spending is already slowing.

A Global Steel War?

On Wednesday March 6, President Bush imposed tariffs as high as 30% on most steel imports coming to the US from Asia and Europe. This will hit European steel makers hard, especially in Britain where there is a slump already in the steel industry. In periods of capitalist economic downturn, national interests predominate over international. Bush is supposedly a supporter of the "free market". But the Wall Street Journal called the tariff "perhaps the most dramatically protectionist step of any president in decades." By Michael Roberts. (March 7, 2002)

We are also publishing two articles from the British Marxist magazine Socialist Appeal about the desperate plight of the steel industry in Britain and its workers. Steel industry correspondent Miles Todd explains that industrial action is the only way to prevent massive job losses.

Marx Capital in a Day

Marx Capital in a Day

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