Politics news allsorts

Spread the love

Commentary and analysis of recent UK politics news.

I found Cameron’s joke quite amusing: “It’s fair to say he’s no longer a follower of Marx, he’s loving Engels instead.”

 

Vince Cable defends Royal Mail valuation as profit almost doubles

Image of Royal Mail postbox

The business secretary, Vince Cable, defended the government’s valuation of Royal Mail on Wednesday after solid results from the newly privatised group sent its shares even higher.

Royal Mail was privatised last month when the government sold 60% of its stake to investors in an initial public offering (IPO).

Royal Mail shares were up 5% by mid-morning on Wednesday to 559.5p – 70% higher than the flotation price of 330p. Its market value has increased by £2.3bn since the flotation, which valued Royal Mail at £3.3bn.

Operating profit for the six months ended 29 September was £283m, up from £144m a year earlier.

Comment: The case that tells us what kind of country Britain is

His name is Isa Muazu. He is wasting away.

Locked in a cell just outside Heathrow, out of sight from the holidaymakers and business visitors, he can no longer get up off his mattress. He has not eaten in over 90 days. He can no longer stand or see. He struggles to talk.

On Friday, at 8:00 am, he will be forcibly put on board a flight and sent to Lagos, where he says he will be targeted by Islamic terror group Boko Haram. He was due to be deported tonight, but the Home Office has ordered new removal directions. Needless to say, he will be even weaker on Friday.

In a decision which has no legal, medical or moral consistency given the ‘end of life’ plan, a Home Office doctor has branded Muazu ‘fit to fly’. Yesterday morning, independent doctors visited him as he lay on the mattress in the detention centre and decided the precise opposite. There is a strong chance this man will die when he is deported.

 

Continue ReadingPolitics news allsorts

Royal Mail privatisation: Goldman Sachs and UBS to be grilled by MPs

Spread the love

http://www.theguardian.com/uk-news/2013/nov/14/royal-mail-flotation-mps-question-banks

Investment banks to be asked in Commons why sale of asset favoured foreign investors and if float price was set too low

The investment banks tasked with allocating shares in last month’s controversial Royal Mail float face a grilling by MPs over allegations they discriminated against UK pension funds and favoured foreign investors.

Goldman Sachs and UBS led an offer that has been widely criticised for short-changing taxpayers by selling a major government asset on the cheap, after Royal Mail shares immediately soared on the stock exchange and continue to trade at a premium of around 70%.

Those concerns have been exacerbated by the presence of sovereign wealth funds – including Kuwait, Singapore and Abu Dhabi – on the Royal Mail’s share register.

One senior City source, who has worked on major UK privatisations, said: “The Royal Mail was probably a bit cheap, but it is one thing to sell it at a cut-price to UK pension funds … There was a disproportionate amount of shares that went to sovereign wealth funds.”

Senior representatives from Goldmans and UBS will appear in parliament next Wednesday to answer questions from MPs on the business, innovation and skills select committee, alongside peers from JP Morgan, Citibank, Deutsche Bank and stockbroker Panmure Gordon.

The MPs’ concerns over the flotation are echoed by City figures. A top UK fund manager said: “A lot of people were very upset at their allocation, even on day zero before the shares started trading at a premium.

“It may be that the advisers did not take account of the political implications and do as good a job as they could have done.”

A source close to the committee confirmed: “This is something the committee is aware of. It may well come up in the session.”

In the months running up to the privatisation, it is understood that Royal Mail, the government and its advisers were working with a small group of financial institutions in order to get an early idea of how the shares should be priced.

That inner core of investors, which is thought to have largely excluded top UK pension fund managers, ended up with the most sizeable allocations.

Continue ReadingRoyal Mail privatisation: Goldman Sachs and UBS to be grilled by MPs

The realities of outsourcing: court interpreters mean miscarriages of justice

Spread the love

http://www.opendemocracy.net/ourkingdom/joel-sharples/realities-of-outsourcing-court-interpreters-mean-miscarriages-of-justice

Since court interpreting has been outsourced, wages have plummeted, quality of interpreting has dropped to a dangerous level, and the justice system has often ground to a halt. A foretaste of what to expect from outsourced services across the country?

Prior to February 2012 interpreters would be paid a flat rate of £85 for a court hearing, plus £15 an hour for travel time and reimbursement of the travel fare. When Crapita took over they slashed the rates to £16-22 an hour with no payment for travelling or waiting time. Bob described what this means in practice for interpreters. “For example, they might phone up and say, ‘We have a job for an Italian interpreter in central London. There will be about three hours work there.’ There might be, or there might not be, but it will take you an hour to get there from the suburbs, it will cost you £6 to get there and back, and when you get there you might only have an hour’s work.”

In this case, the interpreter could take home just £10 for three hours of their working day after travel expenses are deducted. Bob estimates that interpreters now earn between 25 and 40 percent of their previous rate for a court hearing. “If you’re only there for one hour, less your fare, less your national insurance, less your tax – forget it; it’s a waste of time.” In one particularly extreme example, a Vietnamese interpreter traveled from Newcastle to Sussex – a 560 mile round trip – only for the hearing to be adjourned after eight minutes.

The impact that these changes have had on court proceedings is also concerning. “Normally you would get there early because you need to be available for a conference before the hearing starts – a discussion in private with the lawyer and the client. Now you won’t be paid for that, so what happens is people turn up at 10am when the court starts, not at 9.30am when the conference starts. The lawyer will say to the court, ‘I haven’t had a chance to discuss things with my client because the interpreter wasn’t there,’ and the judge will say ‘All right, we’ll adjourn it for now and you can go down and talk to your client.’”

That’s if the interpreter shows up at court at all. In the first year of the contract over 600 trials were abandoned due to Capita failing to provide an adequate interpreter, and Crapita also received 6,417 complaints about the standard of the service they were providing – over 25 per working day! Bob describes their approach to interpreting as “like selling cabbages: pile ‘em high, sell ’em cheap, and you make more money. But interpreters are not cabbages. You need to be able to stand up to questioning in court. You need to be able to instantly interpret accurately for a long period of time. You need to understand the subtleties and the cultural and linguistic differences between the foreign language and the English language.”

The changes in pay and conditions have led to an exodus of experienced and qualified interpreters from the courts. Bob told me that many of his former colleagues have returned to their country of origin, no longer able to afford life in Britain, while others have turned to walking dogs, babysitting and cleaning in order to pay the bills. Others have found part-time teaching or written translation work, but at a fraction of their former salary.

As a result of this refusal to accept their terms, Capita have been forced to employ people with no experience of interpreting, let alone of working in a high-pressured court environment. A survey of Crapita interpreters conducted by Involvis found that 44.5% had not been asked to undergo any kind of assessment of their interpreting skills before being offered jobs by Capita. In one of the more farcical episodes of this mostly tragic saga one interpreter managed to register her pet rabbit as an interpreter with Applied Language Solutions (the company that was granted the initial contract before being taken over by Capita).

Continue ReadingThe realities of outsourcing: court interpreters mean miscarriages of justice