Very cross post: Of Mervyn King, the Co-op and the City Council’s Airport follies

From Patrick Sudlow’s website

My thoughts on the MENs’ Business Week 23rd May

In the Manchester Evening News‘ Greater Manchester Business Week 23rd., May, I thought the layout of page 5, ironic.  In the centre of the page, there is an article about the outgoing governor of the Bank of England, Mervyn King.  Stating that after a tour of Salford Media City campus, he was quoted as saying that “Greater Manchester’s universities, meant the city region was in a good position to deliver a bright economic future”.  Remember, he was one of the financial experts that did not foresee the collapse of major banks and the melt-down of the Global Norths financial sector, resulting in the on-going recession.  So, does his word portent more gloom for our City region?

The reality of further gloom for our City region is reflected in other articles on page 5.  With job losses due to Antler moving its HQ to London.  Also RBS announcing more job losses (this is one of the banks Mervyn King failed to see as a failing bank), after the many it has already made.  Then there is a small article on the Co-op, selling it’s car-dealership.  But no mention of the Co-op Group being in trouble and having been downgraded to ‘junk’ status.  Will we find this ‘ethical’ bank is also, in reality another failed bank?

Finally, to ensure Manchester retains its’ ‘Green’ credentials, there is an article on ‘fracking’.  Stating ‘fracking’ could create 74,000 jobs (how many times have we read, that this or that would create jobs?).  Along with a story about Manchester Airport Group proposing that the government give a “holiday” of the Air Passenger Duty.  What happened to reducing our carbon emissions in an attempt to prevent catastrophic climate change?  Despite our business and council leaders continual failures, they continue to pursue the same failed policies, increasingly accelerating into the proverbial brick wall.

About manchesterclimatemonthly

Was print format from 2012 to 13. Now web only. All things climate and resilience in (Greater) Manchester.
This entry was posted in Aviation, GM Climate Strategy, Manchester Airport, Manchester City Council and tagged . Bookmark the permalink.

4 Responses to Very cross post: Of Mervyn King, the Co-op and the City Council’s Airport follies

  1. Mark Burton says:

    Yes, there is quite a concerted campaign building on this air passenger duty proposal – New Economy’s Baron, and John Ashcroft of MBS (following Mcr Chamber of Commerce if I remember correctly) have both floated this in he last few months. See http://steadystatemanchester.net/steady-state-manchesters-blog/ for comments on these. We probably need a more concerted counter-campaign on this, pointing out the considerable subsidies for aviation (like no tax on aeroplane fuel).
    Co-op bank is relatively ethical – but that isn’t saying much – for example they too practice fractional reserve banking, so each time they make a loan they magic new money into the system, fueling unsubstainable economic growth and the consequent emissions.

  2. Sam Darby says:

    It’s an interesting contradiction that while the City spends thought and energy in planning its speculation in airports and shopping,both areas of private enterprise(sic), it has a stated polcy of “reducing dependancy on public services”.
    The Councils theory is that these kind of developments will provide profits that will provide funds for the City. Unfortunately these funds will be spent on public events such as parades, festivals and foot ball museums costing £ millions every year. Rather reminiscent of the Roman games to entertain the plebs and the wheat taken from colonies such as Egypt to provide the free bread to go with the circuses and keep the poor and unemployed plebs quiet.
    All of this depends on these speculations being successful, which seems a bit dicey in these austere days with incomes from work, pensions and benefits falling dramatically. It seems unlikely that lower incomes will lead to more shopping and air travel and Labour are making no promises about work incomes apart from encouraging employers to pay the lowest paid £7.45 arather than £6.31 an hour.
    The elephant in the room is Manchester Labours failure to put the kind of effort going in to the airport and shopping, into geo thermal enegy instead. This would provide direct benefits to us plebs and could provide the funds to keep our libraries and baths open and wouldn’t contribute to climate change,but it is not the kind of policy popular with neo liberal Labour.

  3. Dave Bishop says:

    You see, if we make the rich richer their wealth will “trickle down” to the plebs. Hasn’t quite worked out like that so far – but let’s keep on smashing our heads into the wall until it does! Keep the (neo-liberal) faith!

  4. Hi Marc ,

    Cheers for the re-blog.

    Patrick.

    On Thu, 6 Jun 2013 21:11:56 +0000

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