Republican News · Thursday 31 January 2002

Inflating the Partnership

With the TEEU's 25,000 members voting against the new Partnership agreement this week, maybe the other unions still balloting will think about the actual value of the 7% wage increase promised over the next 18 months.

Inflation figures released last week showed an annual rate of 5%, which will make workers worse off in real terms by the end of the new partnership period, just one more reason to vote No.

Big food buckle

Who says street protests don't work? This week, the mere threat of placards outside shops forced Big Food Group, owners of the Iceland store group, to abandon its pursuit of £12 million pound compensation claim against the Government of Guyana. Debt campaigners had threatened to picket the group's stores.

Guyana nationalised its sugar industry in 1976 and had paid back £6 million of a £13 million debt. The state's annual income is £120 million. In recent years, they have defaulted on the payments and Big Food who have an annual turnover of £5.5 billion were still looking for their money plus interest.

Nuclear bonanza

British Energy, the privatised nuclear power company might be losing money and not able to operate without subsidies and state aid but it can still give big bonuses to its executives.

BE chairperson Adrian Montague will earn £700,000 if restructuring of the company is successful. Chief executive Mike Alexander could earn £1.1 million.

The only restructuring acceptable at BE is shutting down all of the nuclear power plants and that would maybe merit such salaries. Don't hold your breath though.