Prem Sikka
@premnsikka
Emeritus Professor of Accounting. Member, UK House of Lords. If with all your effort and might you do not reach the mountain top that is not failure; failure is that you did not even try.
Heat-related deaths are rising in the UK, likely to double this year. Could be tackled by laws specifying maximum temperature for workplaces. Countries such as Spain and Belgium have such laws, give workers enforceable rights. What will the UK govt do? Watch the Minister's reply.
England is the home of 85% of the world's chalk streams, a crucial part of the UK ecological system. Despite criminal convictions, water companies continue to destroy it by dumping raw sewage. I asked the Minister to revoke their licence to operate. Watch the Minister's reply.
UK on track for the 2020s to be the worst decade since the 1920s. Govts intoxicated with neoliberalism, growing finance industry, privatising everything, prisoners of the City. Must jettison neoliberalism, embrace equitable distribution of income/wealth. 99-percent.org/rewiring-the...
Carbon emissions harm the oceans, climate, food and jobs. Since 1990, carbon emissions of the UK’s richest 0.1% increased by 53%, bottom 90% cut theirs by 26%. How will govt save us from the super-rich and make them bear the cost of their pollution? Watch the Minister's reply.
Football fans ripped-off by the price of replica FIFA kits. Production cost is less than 10% of selling price. Companies inflate cost through contrived intragroup transactions via offshore entities, dodge taxes too. I asked the UK govt to investigate. Watch the Minister's reply.
Jobs for young adults is a pressing issue of our times. One possibility is that a freeze or reversal of the state pension age could release jobs for younger adults. It could also give a respite to senior citizens being worked to death. What do you make of the Minister's reply?
FIFA Football tickets are being sold at enormous prices. Price gouging and profiteering is happening not only in the US, but also in the UK. I asked the govt to set-up fast courts to deal with it. But Minister thinks this crime only happens in the US. Watch the Minister's reply.
Corporations don't pay the headline rate of UK corporation tax (CT). Effective tax rates are lower because of tax reliefs & subsidies. Despite low effective CT rates, UK is at or near the bottom of the OECD investment league. Did low tax rate persuade water companies to invest or pay dividends?
Adult social care privatised since the 1980s. Local councils spend 70% of budget on it. 83% of social care controlled by private equity, 20%-40% profit margin. Will Govt end profiteering, ensure only not-for-profit entities, including local councils, provide care. Watch the Minister's reply.
UK Govt is concerned about waste crime. England's water companies are leaders, dump raw sewage in rivers, lakes & seas. They have nearly 1,200 criminal convictions but no director is fined, prosecuted or disqualified. Why is that so? What do you make of the Minister's reply?
Trump has withdrawn the US from the UN Framework Convention on Climate Change. US will be the only country outside the UNFCCC treaty. It is the world's second largest carbon emitter. Is the UK content that the US will operate outside international law? Watch the Minister's reply.
What should the world do about Trump's attack on Venezuela, threats to other countries? The UK hasn't condemned the attack; obeys Trump; won't call for sanctions imposed on other states for violating the UN charter. The era of gangster states is with us. Watch the Minister's reply
The UK political system is corrupt. Political donations enable corporations/rich to buy parties, hand consultancies to legislators. Normal people are disillusioned, increasingly don't register to vote or vote. How will the govt cleanse the system? Watch the Minister's reply.
National Insurance Dodge UK employers pay national insurance on employee/director wages. That doesn't apply to profits (instead of wages) extracted by partners in partnerships. Billions dodged. I asked the Minister whether that policy was wrong. Watch how he dodges the question.
Over the years social housing stock has been sold, real wages cut, profiteering unchecked, local council funding cut. Liverpool has 12,764 households on its social housing waiting list. It has just five "additional social rent dwellings". What is the govt doing? Watch the Minister's reply.
Workers generate wealth, CEOs take unfair share. At Melrose, CEO to average worker pay ratio is 1,112 Tesco 375 Marks & Spencer 261 Associated British Foods 218 Sainsbury's 195 How will the Govt secure equitable distribution of income for workers, reduce poverty? Watch the Minister's answer.
Britons ripped off by the energy industry. No govt curbs profiteering. Nationalise energy, reduce inflation, poverty, business costs, rebuild economy.
Graph provides glimpse of England's housing problems. Social housing vanished. 2m council homes sold. 40% ended-up with private landlords, increasingly corporations. Housing seen as investment, high private rents, more poverty & need for benefits. www.resolutionfoundation.org/publications...
Homelessness crisis in the UK. Outcome of real wage/benefit cuts, never-ending austerity, sale of council homes, emasculation of local councils, lack of affordable/social housing, corporate profiteering, no rent controls, appeasing corporations/rich. archive.ph/TV6JG
In 2023, UK tax to GDP ratio was 35.4; 45.8% for France, 41.9% for Denmark, 42.8% for Italy. Graph doesn't show inequities. The UK's poorest 20% pay a higher proportion of income in taxes than the richest 20%. Can't have European levels of welfare on USA levels of tax. www.oecd.org/en/about/new...
61% of local govt money is spent on social care. Social care privatized since the 1980s, mainly controlled by corporations and private equity, profit margins of up to 40%, leaves little for other services. Poorest areas hardest hit. Fund it from general taxation. www.local.gov.uk/about/campai...
The UK electricity is already the most expensive in the world. Price set to rise again in October as Ofgem's pricing formula lets companies rip people off. Who protects the people?
The UK has the highest industrial electricity prices in Europe. Upto 132% higher than the EU14 median. Five times more than in Finland. Since 2020, UK's 20 largest energy companies have made £514bn operating profit, destroying businesses and households. davidturver.substack.com/p/uk-industr...
Illusions of Freedom In 2020, UK Govt ordered schools in England not to use resources produced by organisations wanting to end capitalism. So, students cannot easily study the history of the working class, trade unions, social rights and marginalised groups. Watch the Minister's reply.
All pensioners to get Winter Fuel Payment. Tax codes to be adjusted to clawback WFP from pensioners with income above £35K. How many more tax returns to be filed? Some incomes don't appear on tax returns e.g. ISA interest. So, those with incomes above £35k will get WFP. Watch Minister's reply.
UK govt can raise £bns in tax revenues to reduce inequalities, redistribute wealth, cut taxes for low/middle income families and invest in social infrastructure. One example: End National Insurance loopholes enjoyed by law/accountancy firms. Watch the video- How do you rate the Minister's reply?
Trump fascism stirs brain drain as researchers shun the US. History repeats itself? In the 1930s Albert Einstein and what became known as the Frankfurt School researchers fled Nazi Germany after crackdown on intellectuals. Trump doing the same. Oblivious to the long term costs. archive.ph/4Cbka
The number of English households living in temporary accommodation more than doubled between 2010 and 2023. Poverty and homelessness is a political preference for austerity, low wages/benefits, unchecked profiteering.
Profiteering by energy companies increases poverty, business costs and deindustrialisation of the UK. High energy costs destroyed steel, shipbuilding, engineering and more. Can't revive the economy without reducing the cost of essentials - public ownership, not-for-profits.