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Low share prices when the UK government privatised Royal Mail cost the taxpayer around £1 billion, a parliamentary committee has reported. Meanwhile the National Health Service and social services are in financial crisis.
When the Soviet Union collapsed a small group of people suddenly became extremely rich. They acquired huge State industries at ridiculously low prices. The people referred to this process as "prikhvatizatsiya," or "grabification."
George Osborne yesterday presented a budget founded in the determination to believe, if not six, at least two impossible things before breakfast.
The lack of transparency and accountability associated with large private companies is problematic when it applies to essential products and services, as we have seen with the energy companies and banks. But when it begins to affect the lives of adults and children to whom the state owes a duty of care, but whose lives are now a source of profit for a private provider, it is truly alarming.