The general secretary of the
GMB has called for tax
relief on loan interest payments for venture capitalists to be revoked in a bid
to safeguard members’ jobs.
As private equity groups announced their interest in
Sainsbury’s as a takeover target,
Paul Kenny led the push for change by personally writing to 100 ministers
including Jack Straw and Alistair Darling.
Kenny believed that a withdrawal of the relief was a key part of reining in a
sector that impacted on ‘companies jobs, pensions and the British economy’.
Leaders of the Transport & General Workers Union, the mouthpiece for
25,000 Sainsbury’s workers are preparing to weigh into the argument by writing
to the Department of Trade & Industry
detailing its members’ concerns about the potential £10bn takeover.
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