Sunday, 17 July 2011

Ed finally gets it

The Last week has finally convinced me that Ed Miliband has finally got the message about the need to develop Labour's agenda around tackling the vested interests of those extremely powerful corporations that abuse their concentrated power.

Ed Miliband led on the News International telephone hacking this week, he was clear that there needed to be a judge led public inquiry on the phone hacking at News International with full legal powers and there needed to be an inquiry into the Police handling of this scandal.

He also wanted to know at a political level of the decision of Prime Minister to appoint the former editor at the News of the World as his Communication Director in Downing Street.

Ed Miliband is now questioning how much anyone/corporation should control of the news/media communication in the country, basically questioning the dominance of media barons to control the news environment when decisions are made by public bodies.

The point I would make is it would be better if there were more owners of the news/media this should provide a diverse and healthier environment.

The Banks are another example of corporations abusing their size and power, a situation where banks are too big to fail, this leads to undue risk and corporate irresponsibility.

The financial model of the modern banks has seen mutuals reduced to a minimum and corporate greed rampant, shareholders of PLCs simply do not regulate these companies, how can the Barclay's Bank pay, Bob Diamond, president of Barclay's Capital millions in bonuses when their share price is just over half of there value of 4 years ago.

Are bankers embarrassed, NO, Bankers are warning that if the UK imposes a tax on bonuses when other major financial centres, such as New York, do not then the biggest stars might relocate from the City.

Banks continue to fail to invest in local communities to develop small businesses, failing to meet commitments made to government.

Greater diversity and models of financial services needs to be developed, with the PLC and investment banks being less powerful.

Politicians need to tackle tax evasion, in recent months we've seen the poor and those on benefits under attack, the mantra that it's the poor own fault if your poor, reminiscent of the poor laws, but tax evaders are rewarded to help government, the Lib Dem's talk about this issue but the Conservative government merely does zero.

The work place needs meaningful worker participation, the view of employers that employees are only working units, misses the point, workers invest there lives in the companies they work for, this investment should be rewarded by workers participation in the company board room.

So, Ed, continue tackling the powerful and those who abuse their position, proposals need to increase the power of ordinary people against powerful unaccountable bodies.

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