I am rather a novice when it comes to economics and I'm sure plenty of my colleagues in the Green Party have a far more insightful view on the current problems than myself. But anyhoo, here are my views...
Banks should be at the back of the queue when it comes to nationalisation. The rail network and energy companies would be a good start considering we currently subsidise the rail network while paying shareholders and allow energy companies to rip their customers off to guarantee profits to their shareholders.
So, the banks. I don't have all the answers, but my suggestion is for the future that banks and other financial institutions should pay into a government scheme to protect customer's savings. Then, at the end of the day if they get into trouble it is tough, they may act a bit more cautiously in future. If it wasn't for all the buy to let mortgages it is likely property prices would be lower than the current insane levels they are at.
There is however a major concern for trade unionists. Pension schemes are at real risk due to the current state of the market. We should never have got into the position where we are so reliant on work based pensions, but we are here now and a major fall in share prices will result in schemes closing down or requiring employees to pay a lot more in. More than ever, we need a reliable state pension which gives pensioners a living income so it does not have to be supplemented by work based pensions.
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