A Cadbury’s Law would protect Morrison’s from the vultures
Unite candidate calls for urgent government action on long-awaited law
The leading contender to be the next general secretary has vowed to fight for a Cadbury’s law to protect UK workers and businesses from hostile overseas takeover.
Steve Turner was commenting today (Saturday, 19 June) as news emerges that the 120 year-old UK supermarket giant is being eyed up for purchase by a US private equity firm, Clayton Dubilier and Rice.
Steve Turner of Unite the union said:
“Takeover laws in this country are next to useless. Yet again, another UK household name with a proud history looks set fall into foreign hands. More uncertainty for UK workers and customer lie ahead, and another far-off boardroom that will take profits and wealth from our communities and move them overseas.
“We need a Cadbury’s law to defend our businesses, and take pride in their history – not leave them sitting ducks with no protection from venture capital.
“Morrison’s has been a UK company since it started in Bradford over a century ago selling butter and cheese. If it was a business in France or Italy, the law would protect businesses like Morrison’s from falling into hostile hands.
“But in the UK, our companies are sitting ducks with no protection from the government, which is in thrall to the worst aspects of the free market.
“This country desperately needs a Cadbury’s law to prevent our jobs and wealth creators from being picked at by vulture capital, and I’ll fight for that tooth and nail.
“The massive economic uncertainty as the economy adjusts to the new post-Brexit landscape and the covid crisis has made our companies very vulnerable and the vultures know it. It has been over twenty years since we’ve seen a similar rate of takeover with a dozen or so UK businesses being eyed up for takeover. The time for action to protect them is now.”
*Steve Turner is Unite’s assistant general secretary for manufacturing and is running to be the next general secretary of the union.
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