By:G.F.
Have you ever wondered what universal credit means? There are plans to introduce a new means of supporting people who receive state benefits.
One large organisation which is a U.S.P. (universal service provider) is the Royal Mail (R.M.) I worked for this company for several years until I reached ill health retirement with cervical spondylitis. The company which was once wholly owned by the government was privatised in 2013.
Employees of the company were given shares in exchange for changes to their terms and conditions of employment. One condition was they had to hold onto their shares for three years. The general public were limited to buying a total of seven hundred and fifty pounds worth of shares.
We all know what happened to the financial sector in 2008 when the “banking crisis” occurred. Some commentators believe financial institutions were allowed to play “casino” with both public and private sector money. The availability of credit was beyond what some borrowers could afford to pay. Assurances were given by a select few companies (who advised the government on the sale price per share) that they would not sell their shares in the short term.
The government allowed this especially, it is alleged, because a member of the cabinet is related to someone who would benefit from this arrangement.
Within a short time after the R.M. shares were floated on the stock exchange their value rose substantially.
It is alleged that some of the companies who advised the government of the sale price sold their shares quickly making millions of pounds of profit. This has occurred while over a million people in the U.K. rely on food banks to eat.
Who do you think will benefit from Universal Credit?