Showing posts with label British Steel. Show all posts
Showing posts with label British Steel. Show all posts

Tuesday, 4 June 2019

The great Faragist deceit


Brexit Party and the Faragists know exactly what they're doing when it comes to propaganda. Make as many false-promises to as many people as possible in the hope that they're dumb enough to believe that they'll actually follow through on any of it.

Their position on British Steel is absolutely extraordinary. They've proposed a John Lewis style workers' partnership to save the institution from insolvency, but they also propose reducing UK tariffs on almost all imports to zero, meaning the UK would be absolutely flooded with cheap imports, meaning the inevitable ruination of the British Steel industry, workers' partnership or not.

But besides the fact that their stated aims are mutually contradictory nonsense, it gets even worse. The candidate they're standing in the Peterborough by-election is a guy called Mike Greene who works for a private investment fund called Greybull Capital LLP.

These are the owners who have driven British Steel into insolvency, which is just one of the numerous company collapses they've overseen in recent years.

They were behind the collapse of Monarch Airlines that collapsed owing £500 million to suppliers and creditors, and leaving 110,000 stranded tourists across Europe who needed repatriating at a cost of £60 million to the British taxpayer.

Then there was the subsequent collapse of the spun-off Monarch Aircraft Engineering the following year with the loss of 408 jobs.

Snooker and pool fans will remember the collapse of Rileys in 2012, which was then acquired by Greybull who then flogged off half the chain's sites before ditching the lot in 2014. Rileys was destroyed, but Greybull made a 10% profit on their dealings so hooray for them eh?

They were involved in the Comet buyout before the electrical retailer collapsed into insolvency in 2013 triggering the loss of 7,000 jobs. This bankruptcy resulted in a £25 million loss to the public purse in unpaid VAT.

Then there was the collapse of My Local in 2016 with the loss of 1,200 jobs, with Greene intimately involved in that particular Greybull insolvency.

And now in 2019 we've got Greybull driving British Steel into administration too, with 5,000 jobs at risk, and another 2,000 through supply chains.

And Brexit Party are gleefully fielding one of Greybull's senior figures as their parliamentary candidate in the Peterborough by-election.

And herein lies the great deceit of the Faragists.

They appeal to people's patriotism and pretend that it's the prideful British thing to do to vote for the most militant form of Brexit possible, but then their first candidate ever for parliament is a guy who works for a faceless vulture fund that's driven loads of British businesses into insolvency, destroyed literally thousands of British jobs, and left the UK taxpayer footing the bill time and time again.

They're not pushing a "no deal" Brexit because they think it'll be good for Britain, they're pushing it because they know that they can make vast amounts of money by betting against Britain, the Pound, and British companies as they push the UK economy over an avoidable cliff.

Then they can make even more by flooding their ill-gotten gains back into the UK to buy up £billions in distressed British assets on the cheap in the resulting chaos.

They want to do to Britain what Mike and his Greybull mates have been doing to British companies like Monarch, Rileys, My Local, Comet, and British Steel.


"No deal" Brexit is a deeply unpatriotic national asset stripping strategy being sold to the gullible as the patriotic thing to support, but the fact that the Brexit Party's first ever parliamentary candidate is a key player in the Greybull asset-stripping operation tells you all you need to know.

But then the bookies have Greene and Brexit Party as favourites to win in Peterborough, so none of the opposition parties are being clear enough in highlighting this guy's insolvency-strewn CV.


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