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Cheers - AE

Sunday, 12 June 2011

Austerity - you're doing it wrong

Can someone please explain to me how the fuck it's possible for the Cobbleition to privatise the Royal Mail and lose ten billion quid in the deal? Ah, of course, it owes the government nearly two bill, plus...
Adding in the cost of taking over its £8.4 billion pension deficit, it means that the bill to the taxpayer of selling off Royal Mail could be more than £10 billion.
Er, when you sell a company don't the new owners take responsibility for its debts and any unfunded liabilities like that? Isn't that why we hear about companies who are in financial strife being taken over for nominal sums of a dollar or so? And if so, doesn't what this really mean is that the Royal Mail, for all its deserved pride in being usually able to deliver a letter from one end of the country to the other in 24 hours or so, is in actual fact financially buggered to the extent that it's so hideously unattractive as a going concern that the government thinks it needs to wipe the slate clean - with your money, natch - before anyone will even look at it?
[Ed Davy, postal services minister, said] “We intend to restructure the company's balance sheet in due course. In order to put Royal Mail on that sustainable commercial footing, we will need to reduce significantly that level of debt.”
Sounds like a 'yes' to me.
Mr Davey added that “we will need approval from the European Commission to provide this financial support”. The Government will submit a formal application to Brussels for the money over the next few days, he added.
Oh Christ, no. You 'have to' get approval from the unelected Politburo that is European Commission but there's no need to ask British citizens if they want their money spunked away (though perhaps it's best not to since vast numbers are unable to see that it's their money and have a vested interest in saying 'yes, keep spending'), and you're expecting to get some of 'their' money when they have no income but what they've persuaded member nations to give them from the proceeds of robbing their own citizens. £1.7 billion? When Britain forks over more than thirty times that to Europe each year, and has been paying out more than it gets year after year with little complaint from every government since I've been alive (yes, that includes the right's darling, Maggie Thatcher), that's a drop in the fucking ocean. Ask permission and beg for money? At the least they should be telling the EC that this is what's going to happen and this is how much is going to be withheld in order to pay for it. Better still it should tell the Commission to go piss up a rope, never give it a red cent ever again, and do whatever seems likely to cost least in the long run as regards the future of the Royal Mail. Sadly there's a better chance of second post deliveries being restored across the country than the Cobbleition growing a big enough set to defy its unelected European masters.

I know I keep on saying this but it really is like Labour never went away.
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