Grey Day in Grangemouth

I grabbed a quick photo on my phone at the bus stop outside Ineos in Grangemouth where the BBC were setting up an outside broadcast in advance of the 6pm deadline for 1350 workers to accept the new terms and conditions on offer...

Latest news is that it looks like only a minority have accepted the offer and I don't blame them at all. I don't know the full story, but it sounds like a pretty nasty ultimatum and seems to be coupled with an attempt at getting a bail-out from the Government too.

I don't really know the background, but find it hard to believe that a petrochemical complex that's been open for many decades and subject to continuous modernisation can be losing as much money as they claim (£10 million a month) when we're still very much an oil-based economy. We've only got the company's word for it as their finances are not in the public domain. I suspect the "losses" are simply the extra profits they aspire to getting if the succeed in blackmailing their loyal, hardworking staff and the Scottish taxpayer.

They're threatening to shut the place down in 2017 if they don't get their way. It'll be a catastrophe for the area, region and probably Scotland if that happens at such short notice, but I feel for the workforce just now. Some of them have been working at "The BP" for 30-odd years and are being asked to sacrifice their final salary pension and accrued employment rights for a £15k incentive. Just lining up the company to close the place down quickly and cheaply if you ask me. Stand firm boys and girls.

Since blogging this last night I've come to the conclusion that this is probably about the top management at Ineos scared for their own jobs and under pressure to make bigger profits by wealthy international shareholders - the uber-capitalists behind the whole thing. They've decided on a high risk strategy and put so many livelihoods in danger because they have their backs against the wall. Just an opinion.

Capitalism is cannibalism