BHS Collapse

Hardly a week goes by without news of yet another business going under than we find that hot on its heels new headlines remind us that the employment stability of the past has long since gone. I can well remember the downfall of Woolworths which was to forever change our local high streets, notwithstanding many other familiar brand names, now obsolete.

Last month Tata announced plans to close down its steel operation in the UK. I cannot claim to be an expert but in amongst the outcry, and attempts to cast blame wherever it would stick, it seems that the situation was largely caused by the collapse of global steel prices, making profitability harder to achieve. This is a dilemma affecting many traditional industries as technological advances result in significant changes in the way we lead our lives.  

Currently the collapse of former retail giant BHS has dominated the news. On the surface the two stories are quite different, no matter what the cause, but for those whose livelihoods, and that of their families, are dependent on them being in gainful employment, the effects can be devastating.

What is particularly sobering, is that it is becoming increasingly clear that the collapse of BHS is almost entirely due to greedy shareholders asset stripping the business.

They are in effect lining their own pockets at the expense of hard working employees, who are often earning little more than minimum wage, with no stability or guarantee of income. This is no life for decent people to be leading.

Whether or not the actions of the directors and shareholders of large corporations is legally wrong or not does not come into it, or rather, it shouldn’t.

At the highest levels, as we have been hearing, we are not talking about a few hundred thousand pounds, but millions being syphoned off, using tax loopholes to avoid the burden of profits finding their way into the chancellor’s coffers.   

This is clearly immoral and whatever steps can be taken to re-dress the balance must be taken. They must be held to account. The problem is that governments, of whatever political persuasion, are reluctant to do battle with those who are often significant donors to their cause.

The big question is that when we have people living on the breadline in our towns and villages, how can anyone justify stashing away such huge sums of money for personal gain? What on earth can any human being need such huge sums of money for?

Most of us like to surround ourselves with nice things, own nice homes and go to nice places, much of which costs a lot of money. However, we can only sleep in one bed at a time, wear one pair of designer underpants, put on one pair of trousers, one shirt, one suit and one tie at a time; we can only travel in one car, sit at one table, drink from one glass, eat one thing at a time; and when we eventually die we can take none of it with us.

All else is just pure vanity, at the expense of those who wait on us hand and foot, exploited to satisfy every whim. Whilst such behaviour continues, I predict it will not be long until we see an uprising of the masses. Such avaricious behaviour only deserves our contempt. Respect is much harder to gain, and cannot be bought, at any price.