Public Sector Union Proposes Private Equity Survival Deal

Secret documents leaked from the Public and Commercial Services Union show that the militant public sector union is in crisis and flogging off their assets to the private equity fund Brockton Capital. Long overdue trade union reforms are finally working. The controversial “check off” process has been clamped down on by Francis Maude, and the civil service has been reduced by 21% since 2010, leaving the PCS with a massive funding crisis:

 “The union faces an exceptional, urgent situation. The NEC noted at its meeting in December that the union will experience a significant drop in subscription income in the coming period due to the combined effects of check off removal and membership loss due to job cuts in the civil service…”

Mark Serwotka and his NEC have come up with a genius solution: privatisation of their Clapham Junction HQ:

“Several bids were received of around £20 million. A sum of this order would provide would form the platform on which a reconfiguration of our operations can be made in the medium term to adjust the union to a new, ongoing, lower level of income.

 The NEC authorised the Senior Officers Committee to agree the sale of the Clapham Junction building if a suitable deal can be reached. A bid from Brockton Capital was received which was the highest at £25 million and also allows a year of rent free occupation of the building.

Altogether, the value of this bid is at least £2.5 million more than the next highest. Brockton plan a conversion of the site into a new office building rather than a residential scheme which the other bidders were planning.”

Having spent decades striking against privatisation and cuts, the PCS have privatised and cut…




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