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Politics

Atlas Holiday Homes and Barclays Bank. Why Labour Should Nationalise the Banks NOW!

Atlas Holiday Homes in Hull, which employs 340 people directly and countless others through the supply chain, is about to go bust leaving a trail of human devastation in it’s wake in the run up to Christmas.

 

The recession? Empty order books? An industry on its knees due to the current economic climate?

 

No. Not a bit of it.

 

This company’s order book is full until March, which is a more positive state of affairs than existed in the last two years, according to the Hull Daily Mail.

 

The reason Atlas is going under, and that these workers will have to explain to their families the harsh realities of life to come, is Barclays Bank.

 

The historical arrangement, which has been the case for the last thirty years is this; Barclays make credit available for supplies, Atlas build the caravans and mobile home to order (note NOT on the off chance, hence everything is accounted for in advance), collect the dosh, pay the Bank off and the rest is profit.

 

Barclays have decided that this arrangement will cease henceforth and the result is mass redundancies and all the social consequences that ensue.

 

The Banks got us into this mess in the first place, and now are compounding matters by systematically wrecking businesses by refusing requests for reasonable credit, and even pulling out of existing arrangements.

 

This presents the Left with an historic opportunity.

 

Nationalisation, a concept that even six months ago would have put you to the Left of the Communist Party had you held such a view, has become a necessary move if we are to halt the headlong crash into not just a slump, but a Depression.

 

At the present time the tax payer is exposed to the risk, but has no power to influence how our money is allocated by the Banks, whose response has been to swing from the sublime (reckless self declared mortgages) to the ridiculous (drying up credit almost completely).

 

Darling’s response? Print money, which is tantamount to debasing your own currency.

 

 We need to show leadership and initiative to restore the flow of credit and prevent the misery inflicted by Barclays Bank on the City of Hull being replicated again and again across the UK.

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About dermotrathbone

Writer and co author "Through Red Lenses". Activist Unite the Union, Save Our NHS Hull. Fan of Yorkshire County Cricket Club, Hull FC, Munster and Ireland Rugby. Views are mine alone and may not reflect the organisations concerned.

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