Welcome to the New Statesman website. Please sign in or register to participate in the conversation.

Laurie Penny

Pop culture and radical politics with a feminist twist

Syndicate contentRSS

Insurrection on Oxford Street

"The next five years can't just be about marching on Whitehall to hear Tony Benn speak"

"Hey, I want my money back!"

The young man in the grey sweater came to Oxford Street to buy a mobile phone; he isn't part of the gang of activists who have just occupied Vodafone's flagship store. The protesters are in their early twenties, and equipped with banners and placards demanding that the mobile phone company pay the £6bn in tax that the government allegedly waived earlier in the year, despite the Chancellor's insistence that £7bn-worth of cuts to welfare benefits are "necessary".

This young man isn't part of the group, but he flings himself behind the official cordon, yelling and waving to his friends, who all laugh and get out their mobile phones to take pictures of him. It's a little bit like a Vodafone advert, apart from all the police.

The first thing to note about this protest is that it has been organised only slightly more efficiently than a French farce: the young people currently squatting determinedly in the doorway of the Vodafone store were mobilised via Facebook and Twitter with real names and the intended target freely discussed, and by the time more experienced activists had intervened to give basic security advice, it was too late.

It is, as such, hardly surprising to see Her Majesty's finest waiting for us on Oxford Street, but in the mad dash to dodge the police and barricade the shopfront before the first customers arrive, the protesters giggle like children shocked by their own daring. This is not just the usual troublemakers making the usual nuisance of themselves. They are very young, they are very resolute and they are certain that the left's usual response just won't cut it anymore.

"The next five years can't just be about marching on Whitehall to hear Tony Benn speak," says Thom, 22. "We need to get creative."

The second interesting aspect to this stunt is that it is not an occupation of a government building, or council offices, or a press lobby. Vodafone have had no direct influence over the spending review that will shortly force millions of people out of work and out of their homes and communities. Vodafone do not write Treasury policy. Vodafone sell phones. The people who have gathered to protest here, however, seem to want to articulate a more profound dissatisfaction with the way the new government has decided to prioritise business at the expense of education welfare and healthcare. The public rhetoric of the state emphasises 'fairness' above all else, but those in power seem to believe that fairness is only acceptable if it does not interfere with competition.

"The cuts are not fair, we're not all in this together and there are alternatives," said another activist, Jennifer Kyte. "Why not start by collecting -- instead of writing off and ignoring -- the tens of billions owed in taxes by wealthy corporations? Isn't this supposed to be the wonderful Big Society?"

Nobody attacking the Vodafone store really expects the company to suddenly hand back £6bn to the state. The matter is settled, after all: Vodafone paid £1.25bn "to settle all outstanding CFC issues from 2001 to date and has also reached agreement that no further UK CFC tax liabilities will arise in the near future under current legislation." Still less does anyone expect that the coalition, which seems to have determined in the coldest reflex of disaster capitalism to use the occasion of the recession to destroy welfare once and for all, will agree to use the money to make sure the poor don't starve this winter. They just want the government and big business to know that unlike Alan Johnson, they can count. They can count, and they don't like the numbers.

All of this feels just a little bit more thrilling than the average rainy protest. Even harried commuters stop to see what's going on. "I -- am -- speechless!" enunciates a woman in a smart pink coat. "What, I pay my taxes but they don't have to because they're a big company?" She fiddles with the police cordon. "I'm not saying everyone on benefits should be, OK, but I have a friend with five kids, her youngest is eight months, and they've just taken away her benefits, and now you're telling me they let Vodafone off six billion? How's she going to look after her baby now?"

Suddenly, there are screams from the shop entrance. The security doors are coming down and police have shoved themselves into the shop and started dragging out as many people as they can, by their feet if necessary, "for their own safety". A girl in a green jumper is pushed roughly to the floor and the rainswept pavement writhes with forcibly twisted limbs as one young man struggles out of the melee and hollers "Police brutality on the streets of London!" for the benefit of the horrified crowd. We can see what's going on perfectly well.

We can see the police jostling students to the ground. We can see knees going into backs, arms around necks. The small area in front of the Vodafone store has been cordoned off with two violent bandages of red-and-white police tape, and now the agents of the state have surged in to cauterise the wound. Some protesters are now trapped inside; some are linking arms outside the rows of police that now seal off the storefront like a matt black scab. The energy spills out onto the pavement. Like the company they have targeted, these young people are clearly determined to Make The Most of Now.

With the activists waving a small sea of identical placards with the Vodafone logo and the legend 'tax dodgers', a circle of onlookers get out their phones and start taking pictures. You half expect to hear a smooth voice actor announcing price plans over the cheesy strains of the latest indie-pop sensation, but real life is wetter and angrier than the adverts. All you can hear is the wail of distant sirens.

96 comments

David Vinter's picture

How strange, there has never been more than the odd scuffle since 1789 in the UK. You must enjoy trouble like so called football supporters. If you really want to upset Vodaphone then stop buying and using its products. You can sit at home to achieve this. And whilst your at it stop using supermarkets too. It's customers that keep big businesses going, if you don't like them, do without. Life carried on before there were any mobile phones!

stuart's picture

dont forget to take your medication on a regular basis stephen..good lad

Left Is Forward's picture

@Mr Divine/Michael

But it's typical Tory thinking to believe that somebody making lots of money is "hard-working and wholesome and responsible" because the money in their bank account means they can afford a fatter pension when they retire. It also has negative social consequences: every pound that a rich person is earning above the mean (average) UK salary, one pound that a poor person below the average is not earning. Making a "respectable middle-class income" is actually just screwing the poor and increasing the level of social inequality. And of course the idea that middle-class professionals are "hard-working" is to some extent a myth, to the extent that lower paid workers often have to work even longer hours just to pay the rent and buy food, usually in much worse conditions.

The complacent idea that some people deserve to earn, or own, more than others is dangerous, but is storing up the seeds of its own demise. I know it would have been more fun to blow your savings on a party than have them requisitioned and redistributed, but the rich have been put on notice that this was inevitable ever since (1) they noticed that there were people much poorer than them, and (2) those people would be very much better off if the money held by the rich was taken and spent on them. On the other hand, they've all been on notice since Karl Marx pointed this out, and it hasn't happened yet, so it's probably prudent to hold off that party for a while!

Mary Tracy's picture

Chris said:
"May I suggest a run on the banks next? We all withdraw our money on a set date and leave the banks with no option but to cancel their outrageous bonus payments and put our interest rates up soi we can actually save some money."

It's actually been organized, by the French. The date is the 7th of December and will be taking place in France, Italy, Greece, Germany and Holland. This is the Facebook group:
http://www.facebook.com/event.php?eid=125135174209209#!/event.php?eid=137793666269183

Everyone withdraw your money from the banks on the 7th of December!

Left Is Forward's picture

@Tim Avenell

But punishing the mother for having five children she "cannot afford", only punishes the children, who are blameless. Besides, who says that she "cannot afford" them? Children are a social cost - they are all our futures, not just the mother's. So the cost of having children must be fully funded by tax revenue. We agree that for education (nobody says that the poor kids shouldn't be sent to school because their parents couldn't have afforded it without help from the taxpayer), why should we say the same about them getting a decent diet, or a roof over their heads?

demonax3's picture

Amazing that Malthus had so many descendants all sharing their original pro-genitorial view.

Foxy's picture

Peacefull protest are all very nice but the Police get violent anyway. Why take it lying down? The 'Cuts' are nothing other than Class War. Remember the Poll Tax? we beat the Poll Tax and we can beat the cuts. http://sabcat.com/news/?p=75

Tim Avenell's picture

@Left is Forward

Welfare benefits should be a safety net for those who fall on hard times, nothing more.

It should not be available as a lifestyle choice to the feckless and indolent.

It is quite frankly ludicrous for the State to write a blank cheque allowing those to procreate at will knowing they won't have to pick up the bill.

Clearly anyone with 5 children has milked the sytem if she cannot afford them.

Probably sired by absent father(s)too

Loan Ranger's picture

Lets do the Banks.
Everyone should move their accounts to either a building society or a credit union (as many in the US have done since the collapse there).

thinkov's picture

Brilliant

same time different place tomorrow

not so much with the advance warning next time

raymond392's picture

Vodafone is a scandal but a much bigger one is Philip ( TOP SHOP )Green brought in to advise the government on Whitehall waste and efficiency and all of his profits are paid in dividends to his WIFE in an off shore tax haven.

Mel Davis's picture

Nothing like a bit of good old fashioned protest. Go guys this is great!

Ladyloki's picture

Perhaps the flagship Oxford St Top Shop store as the next target...?

stuart's picture

maybe this is the start of what i have been praying for,bring mayhem to the streets french style,never mind vodafone, it the spending cuts we should be out in are millions on the streets to protest against poll tax style.lets hope what happened today is just the start of the coming revolution.

basexperience@twitter.com's picture

Excellent work all round.

The tweet I pushed out last Thursday is ranked #6 in the world on Twitoaster.com with over 400,000 accounts reached. I never thought so much anger and solidarity would appear!

http://twitoaster.com/tweet-ranking-week/

In fact, I hadn't used twitter much at all before last Thursday. Now I see it's a vital tool for mobilising public opinion about george osborne (who, by the way is advised by the financial director of - you guessed it - vodafone! - on UK tax matters) - even george is at it: apparently he gets tax advice to avoid up to £1.2 million a year in tax!

The petition asking our govt to reconsider Vodafone's tax settlement is at

http://www.gopetition.com/petition.40035.html

I'd urge everyone to sign this, we have to stop these huge companies thinking it's still OK to avoid paying tax using loopholes: our government needs to see that the UK public is who they should bow and scrape to, NOT TAX LAWYERS AND LOBBYISTS FOR HUGE COMPANIES.

basexperience@twitter.com's picture

Woops - in my firey typing I got the petition link wrong.

http://www.gopetition.com/petition/40035.html is the correct link

Alasdair's picture

This is great. A new generation have learned from the environmental protests (Climate Camp and the like - it's all there has been for the last five years) and are now taking this energy elsewhwere...

Molly's picture

Hi all,

I agree we need to peacefully show these fat cats we won't put up with this anymore. How is it we now life in a world where corporates are richer than most developing countries. I agree, we need direct action, protest protest protest... but peacefully... That's always my concern about going to these demos. Let's show this Tory Gov, sorry, ConDem gov we won't put up with this. Same ole Tory's looking after the businessmen (yes I said men) women don't fall high on their agenda. . I am FULLY signed up for Topshop BTW(peacefully mind you!)

Alasdair's picture

This is great. A new generation have learned from the environmental protests (Climate Camp and the like - it's all there has been for the last five years) and are now taking this energy elsewhwere...

Alasdair's picture

This is great. A new generation have learned from the environmental protests (Climate Camp and the like - it's all there has been for the last five years) and are now taking this energy elsewhwere...

Alasdair's picture

This is great. A new generation have learned from the environmental protests (Climate Camp and the like - it's all there has been for the last five years) and are now taking this energy elsewhwere...

Alasdair's picture

Sorry. Web error.

Chris's picture

Bravo!

May I suggest a run on the banks next? We all withdraw our money on a set date and leave the banks with no option but to cancel their outrageous bonus payments and put our interest rates up soi we can actually save some money.

Viva la revolution!

Luddite's picture

Mr Benn spent his life being wrong about just about everything.

Removing comments you don't agree with. just goes to show that the poison of Marxist intolerance and dogma flows deep inside your body politics.

David's picture

Why divert the attention onto Topshop now? There is a lot of pressure on Vodafone at the moment. Surely keeping the focus on them would make for a more effective campaign

stuart's picture

you seem to have a bad stutter alasdair,take deep breath mate.

InNegative's picture

Superb.

As a thought, I would ponder whether or not it would be useful to film/photograph these sorts of demo and put them up at some central website with written accounts like the above. Comments from people that were there etc. Brief description of the purpose of the protest etc. Call the site youprotext or something.

I don't know what the legal issues might be surrounding such a thing, but I do feel a centre point where ad hoc groups can present their arguments may have a mimetic and contagious quality.

David Vinter's picture

Left is forward----it is an inbuilt natural desire to succeed over another human, that's why men go after pretty girls,like to run the fastest race, even accumulate a pension, especially if you have been really poor, and my family have! Some of us are like squirrels because we have known very difficult times. Your whole redistribution system is faulty. My father worked on Sunday nights at home, whilst others were guzzling ale. Was he not worthy of his extra cash?
By definition, given equal wages, the non smoker, non drinker is bound to be better off!
If I am supposed to play my part in bringing up anothers children, then I want my standards of literacy and civil behavior to apply, seems a fair deal to me.
I worked for the last 12 years of my working life in the insurance industry, hence visited families in their own home. We had a simple saying ---the poorer the family, the more spent on toys! Simply look for the books in a family, that is where the 'tryers'[the ones you despise] will be. It is not a money thing, no one was poorer than my farmworker grandfather,[ you should see him snare a rabbit to help feed his children]. He learned to improve his reading and writing at the free study hour, after the Sunday methodist service.
Frankly today in the UK poverty is at a minimum, mostly self inflicted, but you cannot legislate for idiots.
I am now retired, and in ill health, I blame no one,but the fact is that if you equalised incomes, within 3 months there would be paupers and the rich. But then I'm mean, I wouldnt pay footballers £50 a week. So lets plough up football pitches, grow potatoes, and give them to the poor!

InNegative's picture

Oops. *youprotest* even...

Maybe even give it a sort of profile page - give protest and identity... Man, I should make the first 'social dontwork' site.

stuart's picture

no justice no peace molly, this is class war and no tea party,the days of peacefull protest are in the past.you can wave your surrender flag at the torys molly but the people will be manning the barricades for the future battles,make your mind up,your either with us or against us molly.

Felix Gonzales's picture

Watch the video of todays Vodafone store closure here http://www.youandifilms.com/2010/10/vodafone-dodge-6bn-tax-bill-vodafone...

Dave C's picture

There was a good File on 4 programme on tax evasion by companies on Radio 4 yesterday. Companies are essentially setting up subsidiaries whose only purpose is tax avoidance. One of the tax dodgers is Alliance Boots.

The programme will be on iPlayer for about another 6 days.

See "A Taxing Dilemma" at http://www.bbc.co.uk/programmes/b00vhgpl

Sciamachy's picture

How many shares do we need, to be entitled to speak at Vodafone's AGM?

David Vinter's picture

SCIAMACHY--Technically I think only 1, but I don't think you would find a broker that would sell just 1. Certainly you could attend the agm with say 50. As brokers get requests from grandmothers' to buy that many for their grandchildren.

stuart's picture

dont be so paranoid stephen,when i said you know who, i meant you know who is not you, but you know who knows exactly who i am on about.

Xywxknyp's picture

Sacrifices to Xipe Totec were bound to a post and shot full of arrows. , terryhershey.com, [url="http://ztscjcrn.gujutog.co.cc/terryhershey.com.html"]terryhershey.com[/url], http://ztscjcrn.gujutog.co.cc/terryhershey.com.html terryhershey.com, xjq,

@Michael's picture

Ultimately pretty pointless. Companies do what they do, which is to optimise their shareholders' interests (for which the directors have a legal obligation) - and the majority of that stake will be investments made by pension funds, assurance funds and the like. One way or another, indirectly the financial interests of a lot of fairly ordinary people.

If there is to be a target, then best direct it to those who actually operate and define the taxation regime. So if HMRC didn't optimise their return (were they unsure of the legal outcome?), then direct the attention to the politicians. However, beware of killing the golden goose - countries are in competition over tax revenue. Push it too far, and you are in danger of reducing income through relocations.

Also the benefit cuts are per year. A one-off won't cover that. The difficult game is to achieve a sustainable balance of income and expenditure. Not such an easy game, and nothing that's going to happen by closing down an Oxford Street store for a few hours, and I somehow don't see many people changing their mobile phone company over this.

nb. it's much easier to guarantee income by taxing activities - VAT, duties and so on, than profits as the former are a bit more difficult to avoid.

Luddite's picture

'Insurrection on Oxford Street' hardly, Miss Penny you do have quite a following. The truth is Miss Penny the prevailing ideas in society are right-wing.. Debt is killing this country, the kind of spending that you advocates leads to national ruin... It's the people that create wealth give them the freedom to do just that... then you can play all you fucking well like..

Eileen OConnor's picture

The Government are not only allowing the mobile phone industry to get away with tax, they are also allowing them to gamble with our lives, especially our children.

I've been trying to get an appointment to introduce Dr Devra Davis to David Cameron next week when she visits the UK to launch her book "Disconnect, The Truth About Cell Phone Radiation, What the Industry Has Done to Hide It, and How to Protect Your Family". Dr Davis is a top US scientist and guess what? We are not even allowed to knock on the door of Number 10 to hand deliver a copy of the book for security reasons.

“Over four billion people own mobile phones worldwide, many of those users are children. Can we afford to put their lives at risk?

The UK department of health need to urgently update information and produce public awareness for citizens on the health risks of exposure to EMF radiation.

While other Governments advise children not to use mobile phones unless it’s an emergency, industry should not be allowed to market their products and warning labelling on wireless technology are very important. The Radiation Research Trust advocate public transparency of uncertain risks and their potential implications to public health, so that an informed public have more options to exercise precaution

Download "Cellphones and Brain Tumors: 15 Reasons for Concern, Science, Spin and the Truth Behind Interphone," from the Radiation Research Trust website: http://www.radiationresearch.org/pdfs/15reasons.asp

Eileen O'Connor
Director
Radiation Research Trust
http://www.radiationresearch.org

London Class War's picture

Well done to you all & may you keep up this fine example of direct action.

@Michael's picture

A bit of light reading (from the IFS) for the economically clueless, of which there are more than a few here. Here's one study on competition for tax revenue

http://www.ifs.org.uk/economic_review/fp202.pdf

As it says :-

"But what would happen if capital became even more mobile and taxes on
profits were finally driven to very low levels, perhaps even to zero? Even then it is not so clear what the consequences would be. Our simple model completely ignored the fact that there are taxes other than profit taxes. In practice we have income taxes, consumption taxes and many more. Some of them are raised from immobile factors. Taxes on labour for example are likely
to have much smaller effects on relocation, as we would expect very few people to move country for tax considerations. We would therefore still be able to raise taxes to pay for public goods, even if profit taxes disappeared".

stuart's picture

buckskins.no way do these diluted nazis in no10 get a penny of taxes of my profits selling the big isuue,i work hard for my few extra quid a week selling the big issue in the rain and cold every day, so stuff there taxes and a pox on them all.i pay enough taxes on my cigarettes and booze mate.

H's picture

Well done to the protesters! Keep up the good work!

Mr. Divine's picture

Is 'you know who' that goat down the road in Hackney Marshes Zoo? Is that who you are on about? The one that could easily fit into a pirates hunting custom? Is that the entity that is labelled 'you know who'. Its one of those goats isn't it?

Or does it refer to a hedgehog: when you say 'you know who', are you're talking about 'one of those' hedgehogs?

I know what you mean when you say, 'you know who'. It's a hedgehog isn't? Bet my last dollar that's what it is.

Slightly prickly around the groin area.

Left Is Forward's picture

I'm not a guy to defend the interests of the capitalist classes - as far as I'm concerned, they're all going down, and the sooner the better. I do, however, believe in decent unbiased reporting, and thinking with your brain switched on.

Where is this £6Bn figure coming from? This article seems to writing as if it was absolutely certain that Vodafone "dodged" it, relying on a story in Private Eye magazine. But realistically HMRC would love to get their hands on that sort of money, if it was possible for them to. Instead their spokesman has said "There is no question of Vodafone having an outstanding tax liability of £6bn. That number is an urban myth." And unsurprisingly Vodafone deny it as well, having paid £1.25bn in CFC liabilities. Any piece of unbiased reporting MUST at least report the views of the other side, even if it disagrees with them - surely it is germane that both Vodafone AND the HMRC dismiss the allegation.

Even if you accept the £6bn figure (and it's plausible, I just think that fair journalism always gives a chance for the other side to respond... failing to even hear out the views of other side reduces you pretty much to being a conspiracy theorist), recouping that £6bn would NOT pay for the benefits cut, because this amount is a one-off, whereas the spending cuts are per annum! Taxing profit is, at any rate, a stupid thing to do, because there are so many clever things that accountants can do to avoid it. There should be more focus on taxing economic activity e.g. targetting sales, store rental, and turnover, which can be less well hidden.

Do I have any sympathy for Vodafone and its shareholders? No of course not. When a true left-wing government comes to the UK, I hope one of the first steps it takes is to nationalise all telecoms firms - BT, Vodafone, Orange, T-mobile, the lot. And I hope it gives no compensation whatsoever to shareholders, simply declaring that they are now state property. Nobody wealthy enough to own shares deserves compensation - infact it is necessary that their assets are taken from them, in order to establish a fair and equal society. Once all the nationalised operations are combined, perhaps back as a telecoms branch of the Post Office, the combined British Phone operation will of course be banned from making any profits off the back of the ordinary people so reliant on its services. By having only one provider, we will also remove the need for all these flashy high street stores and the legion of salespeople who actually add nothing of real value to the British economy. We will know that a real left-wing party has taken power in England when Oxford Street and its carnival of consumer capitalism with no useful productive power, is reduced to a ghost town. The fact that it thrived so much under New Labour shows just how much Blair sucked at the teats of mammon.

Freeman2's picture

This is wonderful. Let's hope it's the beginning of something that will grow and grow.

David Vinter's picture

Once again the masses in France have called off their protest. Have they at last realised in the EEC, it is not logical to have differing ages for retirement? Or maybe the wicked police beat them into the ground? Or maybe they just got tired, and the weather got colder. Lots more to come from Mrs Merkal, but then she who pays the piper!!!!!!!!!!!

Daniele1's picture

You need a lot more than a small demonstration outside one phone shop to inconvenience big corporations and their lackeys, the politicians.
Even in France where thousands of people have created mayhem for weeks and where they know how to organise real massive protests, Sarkozi is holding on and has not given up any of his plans.
Sadly, I can't imagine British people doing a tenth of what the French have been up to.
A revolution in Britain? there has never been one and it's not about to happen. The rich can sleep easy in their mansions.
How about the Royal family? Why is it nobody has the courage to investigate the biggest scroungers of them all?
If Monarchy was abolished, maybe the people would feel they own the State, like real citizens, as opposed to subjects,and would then grow some balls to protest properly and demand some action. When is Britain going to join the 21th century? I don't hold my breath.

thinkov's picture

get to the demos ,it takes a global uprising to depose the bastards and you are all leaders

@Michael's picture

@Left Is Forward

I suppose you are aware that the vast majority for FTSE shares owned in this country do not belong to rich individuals but are generally held by financial institutions such as pension funds (and some of them public sector funds), mortgage endowment funds and much else. Many of the indirect investors in these companies might not take to kindly to state-sponsored confiscation of their hard-earned savings.

Of course, if you are promoting an old-fashioned Marxist revolution, then good luck, but I rather think that stuff lost its shine with the passing of Militant Tendency and the collapse of so many communist economies.

But hey - what do I know, save that by almost all objective life-style measures, those living in modern, liberal mixed-economies with stable, democratic governments seem to do best in what is an inherently uncertain world.

But you are correct about the £6bn in that I would like to see the numbers.

Oh yes - and I work in the phone industry both before and after privatisation, and the reality of State ownership was awful (at least for the users). The employees did OK, and the presence of bars in every major building and a relaxed attitude taken to lunchtime drinking essentially wiped out Friday afternoons (very nice it was too). Then there was the incredible amount of underinvestment as the Treasury siphoned of money and the rest went on inefficiencies. In 1984 virtually every exchange in the country was a Strowger - electro-mechanical monsters designed by a funeral director, and a constant cause of bad connections. Then there were the costs - could the state ever change for phone calls. Real investment didn't happen until after '84.

I suppose on the saving side, the genius Post Office engineer Tommy Flowers build Colossus which helped defeat the Nazis, and you probably won't find such around now. But then you didn't in the 1970s either.

Nope - be grateful for the competition. It's been a tad rougher on the employees, but you don't have to wait 9 months for a phone line, in real terms you pay a tiny fraction of the prices, you get broadband, the ability to pick and choose your own equipment and rail and rant against your least favourite ISP or telco.

However, if you want to go back to the old State monopoly, then be my guest. But I very much doubt you'll like what you find. I know, I saw it, and even if I would personally have a much less stressful working life (now nearing its end) and I wouldn't go back to it.

The shareholders have (mostly) not made a lot of money. The last tranche of BT privatisation shares went for £4 (although the first lot went for £1.3). Adjust that little lot for inflation, and even after allowing for rights issues and the like, believe me, you'd be sitting on a loss as it's sitting at £1.50ish. If course, famously, BT is actually really a pension fund with a telco subsidiary. The fund (340,000 members) is capitalised at about 3 times the telco with a £9bn funding gap which, provided the company can keep funding it without going broke, will at least keep that liability off the state books, unlike that for the Royal Mail (about £8bn), which all goes to prove that state ownership doesn't get you out of that hole (so much easier to have unfunded pensions, then nobody need know)...

Oh yes - and if the phone companies aren't to make a profit, which the state can tax, then you'd better find yourself a new source of a few billion pound a year to replace it.

ps. both the Royal Mail & BT pension funds have extensive shareholdings in UK telcos (the BT pension managers, Hermes, are interested in returns, not parochialism). If you are to confiscate those shares too, then that will increase the pension funding gap - and BA's, and several public funds...

Post new comment

By submitting this form, you accept the Mollom privacy policy.

Latest tweets