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By bailing out vulture capitalists, Rishi Sunak has revealed his true priorities

The chancellor's decision to grant private equity firms access to bailout loans will only reinforce a system of parasitical capitalism.

By David Whyte
By bailing out vulture capitalists, Rishi Sunak has revealed his true priorities
Chancellor of the Exchequer Rishi Sunak outside No 11 Downing Street, London, before heading for the House of Commons to give MPs details of his Winter Economy Plan. | Dominic Lipinski/PA Wire/PA Images
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Last week, in a largely unreported decision, Rishi Sunak quietly announced that private equity owned companies would now be eligible for government bailout loans.

This means that fabulously rich private investors like Blackstone, CVC Capital Partners, Apax Partners, Permira Adviors, and Bridgepoint will have access to government business support schemes such as the coronavirus business interruption loan scheme (CBILS) and coronavirus large business interruption loan scheme (CLBILS).

In many ways, this aligns with the government’s broader strategy towards COVID support schemes: they are primarily designed to support ‘business’. And this means that although some jobs may or may not be saved, this is incidental. The main aim is to preserve the corporate economy.

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