The sell off of UK’s manufacturing continues with the £8.1bn hostile bid for GKN from so called ‘turnaround specialist’ Melrose, turnaround being defined as asset strip, break up and sell off. According to GKN CEO, Anne Stevens, shareholders such as hedge funds ‘could not give a crap’ about the engineering firm’s future. Melrose is part of the predatory, financialised sector, beloved of free market ideologues such as Philip Hammond, which is destroying the real economy and its component firms such as GKN.
The logic of such deals is based on a ridiculously out-dated economic ideology going back a hundred years and more which can be summarised in three simple statements from cold war days.
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