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ARCHIVE
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17/06/2009
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by Salma Yaqoob, Respect Party leader
The jobs crisis is hitting millions of families. Every week brings more bad news.
Economists forecast that unemployment will continue to rise by as much as 100,000 a month, reaching more than 3 million by next year. Behind these statistics are real people, and real communities, feeling the worst effects of the recession.
The threat of unemployment is also driving down wages and conditions for everyone. A recent survey showed that more than half the working population have seen a cut in pay, reductions in hours or a loss of employment benefits since the recession began.
While bankers and shareholders have been bailed out, millions of workers are paying for the economic crisis through lower pay, longer hours or unemployment.
Birmingham-based van maker LDV has closed, with the loss of up to 4,000 jobs. It asked the government for a loan of just £60 million to see it through this crisis. It was a small price to pay to protect thousands of jobs, and hundreds of millions in lost taxes and revenue. The contrast with the generosity shown to the super-rich bankers could not be greater.
All the talk of 'green shoots of recovery' will mean nothing if our communities are blighted by mass unemployment.
The government has to act decisively to protect jobs.
That means rescuing viable companies and ensuring their survival for the future.
And where the market is failing, it means taking control of vital industries and directing investment to deliver jobs. Investment in major public works – with housing at the top of the list – is essential to provide employment and a boost to the economy.
If the government can respond to the banking crisis with billions of pounds, it can do the same in the face of the jobs crisis.