Unite calls for 'Cadbury's law' to stop jobs being picked at by vulture capital, in response to Morrisons takeover
- Sunday 27 June 2021
Responding to reports that Morrisons supermarket is to be sold to a private equity buyer, 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 to fall into foreign hands.
“More uncertainty for UK workers and customers lies ahead, with another far-off boardroom that will hoover the profits and wealth from our communities and sweep them overseas.
“Morrisons 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 this with such great heritage 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.”