Prem Sikka
@premnsikka.bsky.social
45K followers 40K following 2.4K posts

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.

Prem Nath Sikka, Baron Sikka is a British-Indian accountant and academic. He holds the position of Professor of Accounting at the University of Sheffield, and is Emeritus Professor of Accounting at the University of Essex. .. more

Business 56%
Economics 31%
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premnsikka.bsky.social
Executives at BMW want to meet the chancellor about the car loans scandal.

Car companies resent paying compensation.

Auto companies lied about diesel emissions, resent paying victims.

Simple advice to capitalists - don't lie and cheat to boost profits, exec pay, dividends.
archive.ph/bZj5o
BMW seeks meeting with Rachel Reeves over finance scandal bill
The carmaker, which faces a potential hit of over £200m from the mis-selling controversy, wants to discuss the implications of an industrywide redress programme
www.thetimes.com

premnsikka.bsky.social
Gambling industry holding UK govt to ransom.

William Hill joins Ladbrokes and Coral to warn Chancellor - increase tax and we will shut shops.

Happy to dodge taxes; not bear cost of harms inflicted on gambling addicts and their families.

Who governs - govts or corporations?
William Hill owner says it could shut shops if Reeves raises gambling taxes
Evoke considering the plans before expected tax increases in budget, with up to 1,500 jobs potentially affected
www.theguardian.com

Reposted by Prem Sikka

premnsikka.bsky.social
How austerity hit young people.

In the decade after 2010 councils’ funding for youth services in England and Wales suffered a real-terms cut of 70%.

By 2023, 1,200 publicly run youth centres closed.

Young people abandoned to fund tax cuts for corporations the rich.
Britain's youth clubs have been quietly decimated. What's most revealing is that few seem to care | John Harris
These vital spaces have been the first targets of cuts in a nation that favours age over youth – despite being the remedy for blights such as social division, polarisation and loneliness, says Guardia...
www.theguardian.com

Reposted by Prem Sikka

Reposted by Prem Sikka

Reposted by Mark Priestley

premnsikka.bsky.social
Former Tory Minister Michael Gove says the post-Brexit Tory trade deals with Australia and New Zealand were bad for UK farmers.

Why did he/Tories Tories sign them?

Brexit hasn't yielded any economic benefits. UK gave up the best trade deals and now scavenges for whatever it can get.
Michael Gove admits that post-Brexit trade deals were bad for farmers
Michael Gove has admitted for the first time that the Australia and New Zealand trade deals negotiated by the former Tory government did not protect Britain’s farmers.
www.yorkshirepost.co.uk

premnsikka.bsky.social
And ASda, Vets, hospitals, GP surgeries ....

Reposted by Melanie Simms

premnsikka.bsky.social
Private equity wrecked UK high street, says Iceland Foods boss

PE model - low wages, cut staff/investment, high debt, profiteering, tax abuse.

PE devoured Debenhams, Maplin, Byron Burger, Cath Kidson, Comet, Flybe, Poundworld, Toys R Us.

Controls care homes, vets, supermarkets.
archive.ph/tJVkV
Private equity has wrecked the high street, says Iceland boss
Richard Walker says private buyers take out costs and fail to invest then sell to the highest bidder in a cycle that makes retailers steadily worse
www.thetimes.com

premnsikka.bsky.social
Greater Anglia rail passenger operator nationalised.

Govt will rent carriages.

Lucrative freight and rolling stock companies remain privatised.

3 Luxembourg-based companies control 87% of rolling stock, paid £1.3bn dividend in last 3 years which bears no UK tax.

Gravy train rolls on.
Rail operator Greater Anglia transfers to public ownership
Greater Anglia describes renationalisation as a step towards a
www.bbc.co.uk

premnsikka.bsky.social
High street slot machine shops, owned by Merkur, are paying their staff bonuses linked to how much gamblers lose.

Companies chase profits by spreading misery, exploiting vulnerable people

Gambling Commission must shut down these parasites.
High street slot machine shops pay staff bonuses linked to how much gamblers lose
Exclusive: MPs and campaigners condemn ‘appalling’ reward scheme for Merkur venue managers
www.theguardian.com

Reposted by Roger Morgan

premnsikka.bsky.social
Thanks

Govts of Australia, Bermuda, Canada, Cayman, China, France, Germany Italy, Japan, Korea, Luxembourg, the Netherlands, Norway, Qatar, Singapore, Spain, UAE, US would like to thank UK for letting their entities own UK infrastructure.

Vast profits exported, Britons stare at sewage in rivers.
If the government wants economic growth it must bring essential industries into public ownership
Successive governments clobber households and small businesses by hiking interest rates to manage inflation, but don’t inconvenience corporations.
leftfootforward.org
premnsikka.bsky.social
Farage/Reform and the Trump playbook.

Mass sackings of unsympathetic civil servants
Promise to reduce workers's rights
Inflict spending cuts - hit the poor, old, sick, disabled

Now claims teachers are “poisoning our kids” - just as Nazis did to control education.

Power grab by dividing society.
Nigel Farage accuses teachers of ‘poisoning our kids’ on race issues
Exclusive: Reform UK leader’s remarks at event for private US college criticised as ‘grossly irresponsible’ by NEU leader
www.theguardian.com

Reposted by Prem Sikka

premnsikka.bsky.social
Former PM Boris Johnson breached rules designed to stop abuse of contacts made in public office.

Secretly lobbied the UAE for a billion-dollar private venture,
Used senior contacts in the Saudi govt to pitch for a consultancy firm.

Lust for private wealth is the main cause of UK decline.
Boris Johnson breached rules designed to stop abuse of contacts made in public office, watchdog finds
Johnson found to have breached rules after refusing to answer specific questions about allegations published by the Guardian
www.theguardian.com

premnsikka.bsky.social
NHS England waiting list hits 7.41m appointments, 6.26m patients; lower than the Tory legacy.

Billions sucked out of the NHS through PFI, outsourcing, profiteering; more privatisation planned.

Thousands die awaiting hospital appointment.

Save lives, not fiscal rules.
Doubts over Labour promises as NHS waiting lists rise for third month
LABOUR’S NHS waiting list promises look increasingly unlikely after data published today showed a third consecutive rise in delays for planned hospital treatment in England.The number of treatments wa...
morningstaronline.co.uk

premnsikka.bsky.social
Labour Party deputy leader contest.

I won't vote for Bridget Phillipson or Lucy Powell.

Both are right-wing.
Supported two-child benefit cap, disability benefit cuts.
Snooping on benefit claimants' bank accounts.

In the words of Billy Connolly, “Don't vote, it only encourages them.”

Reposted by Prem Sikka

premnsikka.bsky.social
Can't rebuild economy without increasing worker share of GDP.

Some suggestions:
Join a union
Strengthen collective bargaining
Need real Living Wage.
Worker-elected directors on company boards
Worker vote on exec pay
Exec bonus schemes must apply to workers
Limit corporate tax relief on exec pay
The government must ensure fair distribution of income
'The average real wage of workers has hardly moved from the 2008 level whilst bosses never had it so good.'
leftfootforward.org

premnsikka.bsky.social
Fears rise over $3tn shadow banking crisis.

Private equity is a big part of unregulated shadow banking, and has it's tentacles in every sector.

Empires built on high debt, asset stripping, tax abuse, profiteering can't last.

And who will bail them out?
archive.ph/tbKt0
archive.ph

premnsikka.bsky.social
EU steel tariff hike threatens 'biggest ever crisis' for UK industry.

Crisis deepened by Brexit, Trump tariffs, trade wars, privatisation and lack of investment. Huge subsidies continue.

It is now either nationalisation or death of the industry.
EU steel tariff hike threatens 'biggest crisis' for UK industry
The EU is the destination for 78% of steel products made in the UK for overseas markets.
www.bbc.co.uk