Wanted: Experienced interns. And I’m not joking

Journalism is now like working for the St John Ambulance, but without the chance to put a sling on s

Jobhunting isn't fun. There are many un-fun things about it, from the circulatory rejection email to the bottomless pit into which all applications seem to fall, never to be mentioned again. But perhaps the worst feeling of all is the one I've had a couple of times this week: finding a really decent job advertised that looks perfect for me, then discovering that the salary is £0.00 per annum.

Nowadays, in the media and other industries, you don't have to incentivise potential workers with old-fashioned money; any advert will bring a hundred eager candidates stretching right around the building. Bosses can pick and choose -- and they can pay nothing. Some so-called "internships" demand that candidates have extensive experience and skills and will be required to complete a challenging series of tasks to help make money for the company -- just not for themselves.

It sums up the state of the industry. On the one hand, a few experienced workers cling to permanent positions as if their lives depend on it; which quite often, they do, if they've got bills to pay and families to support. On the other, there's a huge churn of casual employees who have no working rights and who are therefore ripe for exploitation. Step out of line, and your boss could advertise for your position and get flooded with applications overnight, some of which would come from people who'd work for nothing. What choice have you got? It's this culture of fear that brings about compliance from workers who would stretch their ethical boundaries to keep their positions. It's a lose-lose situation for everyone.

It's easy to blame the thousands of graduates from media and journalism courses up and down the country and say it's somehow their fault for wanting to do what they want to do; but I can't, because I was, and am, one of them. I don't know if there really was a golden age when there were vast fortunes to be made and people had jobs for life; there probably wasn't, and those of us struggling to find work now probably knew that pretty well when we signed up. That said, there just aren't the jobs anymore as there once were, and, if there are jobs, you'll have to sweat to get them. True, some people do bafflingly walk into newspapers or magazines without any discernible talent and go on to make a fortune out of it, but I don't begrudge them their bit of luck either: they've played the fruit machine and won. Deep down we'd all fancy a bit of that luck, and I'm no different.

I've got nothing against work experience or genuine internships either; it's how a lot of us (me included) managed to get a breakthrough in the workplace, and it's vital for gaining an insight into a career path. But we're not talking about work experience; we're talking about working up to the standard of a paid worker, having the same tasks as a paid worker, but not being paid; doing a hobby in a workplace. Journalism is now like working for the St John Ambulance, but without the chance to put a sling on someone. The industry is essentially saying: "Look, you know you're desperate, we know you're desperate, so what's it going to be?"

Well, we all know what it's going to be. Already, the type of people who can make it in the industry has changed, and it will change even more. People from poorer backgrounds just aren't going to be able to chuck six months or a year of their lives away for nothing; those from wealthier backgrounds are. I don't think journalism was ever an especially diverse profession, but at least there were chances. Now, what chance do people have, when rents are rising, prices are flying and wages are non-existent?

There are many dispiriting things about being unemployable in this coalition world of dwindling opportunities and guttering hope. It's probably worse for the young people who feel there's no future, the masses of men and women with great qualifications, great skills and absolutely zero chance of getting anywhere because of when they happen to have arrived in the jobs market. I don't blame some of them for working for nothing in the hope it will get them somewhere. But I am not so sure it will get any of us anywhere.

Patrolling the murkier waters of the mainstream media
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The Autumn Statement proved it – we need a real alternative to austerity, now

Theresa May’s Tories have missed their chance to rescue the British economy.

After six wasted years of failed Conservative austerity measures, Philip Hammond had the opportunity last month in the Autumn Statement to change course and put in place the economic policies that would deliver greater prosperity, and make sure it was fairly shared.

Instead, he chose to continue with cuts to public services and in-work benefits while failing to deliver the scale of investment needed to secure future prosperity. The sense of betrayal is palpable.

The headline figures are grim. An analysis by the Institute for Fiscal Studies shows that real wages will not recover their 2008 levels even after 2020. The Tories are overseeing a lost decade in earnings that is, in the words Paul Johnson, the director of the IFS, “dreadful” and unprecedented in modern British history.

Meanwhile, the Treasury’s own analysis shows the cuts falling hardest on the poorest 30 per cent of the population. The Office for Budget Responsibility has reported that it expects a £122bn worsening in the public finances over the next five years. Of this, less than half – £59bn – is due to the Tories’ shambolic handling of Brexit. Most of the rest is thanks to their mishandling of the domestic economy.

 

Time to invest

The Tories may think that those people who are “just about managing” are an electoral demographic, but for Labour they are our friends, neighbours and the people we represent. People in all walks of life needed something better from this government, but the Autumn Statement was a betrayal of the hopes that they tried to raise beforehand.

Because the Tories cut when they should have invested, we now have a fundamentally weak economy that is unprepared for the challenges of Brexit. Low investment has meant that instead of installing new machinery, or building the new infrastructure that would support productive high-wage jobs, we have an economy that is more and more dependent on low-productivity, low-paid work. Every hour worked in the US, Germany or France produces on average a third more than an hour of work here.

Labour has different priorities. We will deliver the necessary investment in infrastructure and research funding, and back it up with an industrial strategy that can sustain well-paid, secure jobs in the industries of the future such as renewables. We will fight for Britain’s continued tariff-free access to the single market. We will reverse the tax giveaways to the mega-rich and the giant companies, instead using the money to make sure the NHS and our education system are properly funded. In 2020 we will introduce a real living wage, expected to be £10 an hour, to make sure every job pays a wage you can actually live on. And we will rebuild and transform our economy so no one and no community is left behind.

 

May’s missing alternative

This week, the Bank of England governor, Mark Carney, gave an important speech in which he hit the proverbial nail on the head. He was completely right to point out that societies need to redistribute the gains from trade and technology, and to educate and empower their citizens. We are going through a lost decade of earnings growth, as Carney highlights, and the crisis of productivity will not be solved without major government investment, backed up by an industrial strategy that can deliver growth.

Labour in government is committed to tackling the challenges of rising inequality, low wage growth, and driving up Britain’s productivity growth. But it is becoming clearer each day since Theresa May became Prime Minister that she, like her predecessor, has no credible solutions to the challenges our economy faces.

 

Crisis in Italy

The Italian people have decisively rejected the changes to their constitution proposed by Prime Minister Matteo Renzi, with nearly 60 per cent voting No. The Italian economy has not grown for close to two decades. A succession of governments has attempted to introduce free-market policies, including slashing pensions and undermining rights at work, but these have had little impact.

Renzi wanted extra powers to push through more free-market reforms, but he has now resigned after encountering opposition from across the Italian political spectrum. The absence of growth has left Italian banks with €360bn of loans that are not being repaid. Usually, these debts would be written off, but Italian banks lack the reserves to be able to absorb the losses. They need outside assistance to survive.

 

Bail in or bail out

The oldest bank in the world, Monte dei Paschi di Siena, needs €5bn before the end of the year if it is to avoid collapse. Renzi had arranged a financing deal but this is now under threat. Under new EU rules, governments are not allowed to bail out banks, like in the 2008 crisis. This is intended to protect taxpayers. Instead, bank investors are supposed to take a loss through a “bail-in”.

Unusually, however, Italian bank investors are not only big financial institutions such as insurance companies, but ordinary households. One-third of all Italian bank bonds are held by households, so a bail-in would hit them hard. And should Italy’s banks fail, the danger is that investors will pull money out of banks across Europe, causing further failures. British banks have been reducing their investments in Italy, but concerned UK regulators have asked recently for details of their exposure.

John McDonnell is the shadow chancellor


John McDonnell is Labour MP for Hayes and Harlington and has been shadow chancellor since September 2015. 

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump