slush fund

Reeves plots mega raid on pensions, union warns

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https://morningstaronline.co.uk/article/reeves-plots-mega-raid-on-pensions-union-warns

MORE than six million workers’ pension pots are at risk under Treasury plans to create so-called “megafunds” to siphon off into national infrastructure projects, GMB warned today.

Chancellor Rachel Reeves has said she wants to pool assets from the 86 separate local government pension schemes (LGPS) into eight funds, worth about £50 billion, by 2030.

She is due to announce her plans, which the government claims will be part of the “biggest pension reforms in decades,” in her inaugural Mansion House speech as Chancellor before City leaders tonight.

Alongside these are plans to combine smaller defined-contribution schemes across the country into pools of £25bn to £50bn.

GMB union has raised “strong reservations” over the annoucements, warning megafunds should not be used as “slush funds” for the Treasury.

The LGPS represents one of the world’s largest defined-benefit schemes, with 6.5 million members and some £360bn in assets.

GMB national pensions organiser George Gergiou told the Morning Star: “Our view is the Treasury have seen that and said we want a bit of that to fund some of our great infrastructure projects.

“This is not spare money, this is not a slush fund for people to dip into.”

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Read the full article at https://morningstaronline.co.uk/article/reeves-plots-mega-raid-on-pensions-union-warns

Continue ReadingReeves plots mega raid on pensions, union warns

Labour just gave a TOP government JOB to someone from its £4m hedge fund donor, Quadrature

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Keir Starmer commits to play the caretaker role for Capitalism through the "hard times".
Keir Starmer commits to play the caretaker role for Capitalism through the “hard times”.

https://www.thecanary.co/uk/analysis/2024/09/25/labour-quadrature-rachel-kyte

As predictable as night following day, there WAS some backscratching involved in the £4m donation the Labour Party got from offshore tax-registered hedge fund Quadrature. The pay off? The co-chair of a board of its charitable foundation arm – Rachel Kyte – is now the UK government’s climate envoy.

Thanks to openDemocracy doing the journalism the corporate media consistently fail to, we now know that the Labour Party accepted a huge donation just after Rishi Sunak called July’s general election from Quadrature Capital.

We also know that the company behind it invest themselves in the worst of the worst. However, for a final sting in the tail, look no further than what this hedge fund does with some of the cash it makes.

Labour Party: £4m in slush funding…?

As openDemocracy revealed:

The Labour Party’s largest-ever donation came from a Cayman Islands-registered hedge fund with shares worth hundreds of millions of pounds in fossil fuels, private health firms, arms manufacturers and asset managers.

While the £4m donation by Quadrature Capital is the sixth-largest in British political history, it is noteworthy not just for its size, but also its timing.

Of course, no one should really be surprised that Keir Starmer’s Labour Party is accepting donations from hedge funds registered in tax havens. However, there were further revelations from openDemocracy. These include the fact that Quadrature had investments in fossil fuel, arms, and private healthcare companies.

However, the donation got its reward for Quadrature.

Now we know what Quadrature’s £4m was for

As journalist Michael Crick revealed on X, the Labour government’s new climate envoy is Rachel Kyte – who just happens to sit on the advisory board of Quadrature Charitable Foundation:

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Article continues at https://www.thecanary.co/uk/analysis/2024/09/25/labour-quadrature-rachel-kyte

dizzy: The on-the-take shower of sihts that currently govern us probably see nothing wrong with a rich offshore hedge fund buying a plump government role to promote it’s own interests. Years ago it was called corruption.

Continue ReadingLabour just gave a TOP government JOB to someone from its £4m hedge fund donor, Quadrature