hi everyone, yet another big institution, this time M&S, has claimed a massive fall in profits, either pre or after tax, people felt sorry, for the job loses, the shop closures, the fall of another icon on the high street, look closer, the claim, profits massively fell to (in this instance) to pretax of £66.8 million, pre or after tax a profit is still a profit, so, is the job loses, shop closures necessary, or is it an excuse for the money grabbing shareholders to maintain more cash per share, mind you it’s not as bad as the companies who claim losses of X millions, losses my ar*e, if you look at the year before profit, a big profit was made, only logical to assume a bigger profit this year, a estimation is made, actual profit doesn’t quite make the target, therefore a loss, the great unwashed will really think they did, Carillon was the only liars who actually never made a profit, but still paid shareholders out, Brian
I feel so sorry for all the staff who are going to lose their jobs but, M&S are in a mess of their own making!
In the 70s and 80s people used to come to London from all over the world and head straight to Marksies, their clothes where made here in the UK to a high standard of quality, they used the best materials and finished everything to a high standard. Then some bright spark shipped all the manufacturing abroad! It wasn’t too long before people noticed… The garments weren’t cut properly, they were no longer durable, and they weren’t finished properly. Older customers started buying less from them or stopped buying completely.
everybody I knew wanted to work for them because they had a fantastic reputation as employers, I applied a few times when I was young, now they’re just the same as everyone else, greedy, money grubbing, minimum wage paying capitalists.
if they’ve got into a mess let em get em selves out of it.
and their staff will be fine we’re told we’ve got more people in work than ever before ha ha!
Oh yeah that old Tory chestnut! When i was growing up we had a population of about 55million? now its getting close to 70million? that combined with the national pension age rising and less people being able to afford retire early at 60 or so would mean if we didn’t have more than ever working it really would be a bit of a disaster, Not really much of a positive or useful fact Imo!
Then you have the fact that a very large number(not just mothers etc who may require that)have part time jobs or zero hours contracts which are mostly shit! We have carers come in to look after my daughter and they are on these zero hours and its disgusting how they are bullied into doing a ridiculous amount of hours(even more so when you factor in unpaid travel time) but when they reach breaking point and (very reasonably)refuse a request to do extra they are then punished by being given less than 10 hours work (none sometimes)the next week. I have seen this over and over again. It doesn’t pay the bills but lets boast about them being employed.
Rant over(but i might be back for more!)
i was having a dig at the nasty party’s constant adherence to selective party mantras (hard working families/strong and stable) underemployment is a serious problem these days that nobody saw coming years ago and we were totally unprepared for it. The underemployed are the new underclass (an expression that also came back from the 80s along with a Tory government) but so many people don’t realise that.
i suspect that a lot of former Woolies/MFI staff etc may still be suffering the effects of the demise of their former employers even after all this time.
The big retailers have created their own vicious circle. Low wages = less money going in the tills, we all consume. Low quality products made cheaply = loss of customer loyalty, we’re all shopping around for the best prices driving them even lower, shareholders wanting more from investments = lower wages… And so the snake chases its own tail!
Oh btw I temped though most of the 80s (couldn’t get a permanent job) working for an hourly rate and only earned my personal tax allowance twice because the bookings were not always available, my telephone book is still full of agency numbers so I know first hand what it’s like to live on a unreliable income.
Yeah i appreciated the dig and thought i would join in!