The announcement of massive job cuts in the banking sector further underlines that the bank bailouts had nothing to do with defending the interest of working class people.
Lloyds TSB has planned to cut up to 5,000 jobs across the UK. Royal Bank of Scotland (RBS) plans to cut 3,700 jobs on top of the 16,000 jobs it has already axed. HSBC, who announced that its third quarter profits were "significantly ahead" of last year, will cut a further 1,700 jobs meaning 3,400 job lost since December. In Ireland, Ulster Bank which is owed by RBS had axed 1,000 jobs this year and now wants to cap pensionable salary, reduce pay and seriously undermine conditions of employment.
Long before the current downturn in the global industrial cycle all parties in the Stormont Executive agreed a range of budgetary reductions as part of their Programme for Government.