WORKERS, JUNE 2003 ISSUE
The decision by the European Court of Justice to declare illegal the “golden share option”, whereby the government retains strategic control of key industries and service providers, shatters any pretence that the EU is compatible with the preservation of sovereignty in Britain.
The golden share option was a sop by the Thatcher government to those who opposed privatisation. It was supposed to prevent strategic industries from falling into foreign, competing ownership that conflicted with the national interests of Britain.
The bland acceptance by this government of this EU ruling puts at risk whole swathes of industrial interests. These range from British Airways, Rolls Royce and the National Grid to utilities and defence companies.
This will result in a further feeding frenzy of takeovers and closures across the whole of Europe. It will further assist the EU's intention to regionalise and relocate industrial production to fit their blueprint. Industrial Britain does not figure in such a “roadmap”.