Ken Livingstone doesn’t want anything to do with private capital investment into the London Underground. The PM does, and no wonder. Privatisation was more than just a way of allowing the Treasury to gobble up the proceeds from the sale of all those public corporations we had once thought belonged to us. It made multi-millionaires of a bunch of undeserving fumblers, none of whom have impressed with their commercial acumen, from the ex-British Rail to the Post Office. It also had another effect : it got the troublesome corporations off the back of the Government. No longer need the politician fear being blamed for coal-strikes, power-cuts, train-accidents, poisoned water (remember Camelford?), etc. It is now all down to the new owners of once-public corporations. Who don’t like that part of privatisation one bit.
All the fat-cats who stepped forward, palms outstretched, in the 80s, bellowing loudly about free-market this that and the other, grunting happily as they annually decimated their work-forces in order to increase the ROE of the companies they bought so cheaply, and who have failed lamentably to improve the businesses they inherited, are now yelling equally loudly for more Government hand-outs (our money, in case you hadn’t yet twigged).
From Railtrack to the ex-GPO, they are all at it, and know they can get away with it, because what choice is there? Re-nationalization would not only cost a fortune (one Gordon could probably afford, however), but it would also send a shiver down the greedy, guzzling spines of the business community, which New Labour wouldn’t like at all. Who’d pay for the new curtains, and holidays in those hot places you and I will never see (Trade Conferences, to you). …………………………………………………………………………………………..
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coolchanty 06.01.2002 (06.01.2002)
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