'Tories refuse to intervene as private equity vultures put British jobs at risk'



One by one, historic British firms are being picked off by private equity vultures.

Since the pandemic began more than 120 companies in the UK have been sold to these predatory outfits. Among the names to be snapped up in the last couple of years are the AA, Butlin’s and part of Tate & Lyle.

Takeovers are not always bad news but too often we see the equivalent of the family silver being flogged off and melted down for profit.

Some of the firms load firms with debt and make a fast buck by sacking staff, putting pension pots at risk and stripping assets.

And if this were not bad enough, in many cases they benefit from generous tax breaks thanks to the Treasury.

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While the owners cream off huge sums, the workers and consumers lose out. Which is why it is right Labour is demanding stronger rules to prevent this ugly side of capitalism.

Other countries put tougher conditions on hostile takeovers to ensure jobs are protected and operations are not moved overseas.

This government has not lifted a finger to intervene, even when British jobs and British enterprise are at risk.

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