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Bellway to sack 175 workers – don’t blame Covid-19

Bellway, a major housebuilder based in Newcastle upon Tyne, has announced plans to sack 175 workers. The Workers Party of Britain condemns this cynical move by a FTSE 250 company with more than enough cash and work to keep workers on.

A report in the Construction Enquirer quotes a company spokesman: “Bellway is putting a small number of roles at risk of redundancy due to the impact of Covid-19 and the subsequent reduction in production it has caused.”

This statement attempts to hide the very good confidence investors have in the company, summed up in an appraisal carried in the Telegraph on 19 July 2020:

“Bellway, the housebuilder, has benefited greatly from government and central bank action over the past decade. Policies such as Help to Buy, which allows first-time buyers to purchase a home with only a 5 percent deposit, and exceptionally low interest rates have combined to create good trading conditions for the business …

“The firm could benefit from further measures. Notably, the chancellor’s recently announced stamp duty holiday may encourage homebuyers to bring forward their plans in order to avoid up to £15,000 in tax.”

Bellway’s share priced dropped by a quarter this year before the lockdown began, and it has dropped only fractionally further since. With shares down since the start of the year by 30 percent many will be looking to make a tidy profit from investing in Bellway PLC, and Bellway is hoping that lay-offs and sackings will show the sort of ‘financial responsibility’ that will entice the parasites. Workers must demand that they are not sacrificed in the markets game.