Austerity: a fancy word for class war

The business secretary, Sajid Javid, has ruled out nationalisation for Britain’s ailing steel industry. On the other hand, when the banks were in trouble in 2007, state aid was lavished upon them in mind-boggling quantities. In the period from 2007 to 2010, the British taxpayer directly subsidised the banks to the tune of £1,162 billion. Try thinking about that for a second. That’s one thousand, one hundred and sixty two thousand million; or one thousand, one hundred and sixty two followed by nine noughts. It’s a huge number. So huge, in fact, that it’s almost impossible to imagine it. But … Continue reading Austerity: a fancy word for class war