Wednesday, July 11, 2007

Hypocrisy Watch No.5

Morgan Stanley, the investment bank with a £354 billion under management and 58,000 employees, is being given £6 million to help it expand its operations in Scotland. No not in some less well off area, like the Borders, but in Glasgow! They already employs 770 staff in the city, but now it intends to take on a further 600 employees.

Alex Salmond has got in on the act and praised Morgan Stanley's commitment to Glasgow and insisted that the potential for further growth in Scotland's financial services sector was huge. Yes, of course it is but why give these companies our money?

The £6 million which will be paid to Morgan Stanley has been awarded under the regional selective assistance scheme - effectively giving Morgan Stanley £10,000 per job created. Now I do understand that our economy needs more large businesses located here but this is not the answer. We should be addressing other issues that affect the wider economy.

Ironically, but none too surprisingly the SNP criticized Labour for giving HSBC a million under the scheme last year. It's great to know the hypocrisy is alive and well and the numpties are being sucked into the game.

1 comment:

r morris said...

Perhaps I am beyond help. To me, hypocracy and politics go hand in hand. What we need are fewer politicians and more statesmen. The problem is, statesmen can't get elected, because the politicians know all the dirty tricks.