A. Pendleton
Financialization, new investment funds, and weakened labour: the case of the UK
Pendleton, A.; Gospel, H.
Authors
H. Gospel
Contributors
H. Gospel
Editor
A. Pendleton dxkf42@durham.ac.uk
Editor
S. Vitols
Editor
Abstract
The chapter shows that the UK has the highest levels of PE, HF, and SWF activity in Europe. This is explained primarily by the permissive nature of UK financial and securities regulation and, to a lesser extent, of labour regulation. Fund activity grew significantly up to 2007 and then declined in the case of PE and HFs; since 2010, there has been a recovery in PE and HF activity. It is rare for NIFs to consult with labour before and during the acquisition process. NIF intervention and acquisition does create some turbulence in employment, with initial job loss, though also with later job creation. Evidence on the effect on industrial relations is limited, but suggests that in most cases NIFs do not make major changes. Since the recession there have been several high profile cases of PE having a negative effect on employment systems.
Citation
Pendleton, A., & Gospel, H. (2014). Financialization, new investment funds, and weakened labour: the case of the UK. In H. Gospel, A. Pendleton, & S. Vitols (Eds.), Financialization, new investment funds, and labour : an international comparison (86-114). Oxford University Press. https://doi.org/10.1093/acprof%3Aoso/9780199653584.003.0003
Online Publication Date | Feb 6, 2014 |
---|---|
Publication Date | Feb 6, 2014 |
Deposit Date | Feb 3, 2015 |
Publicly Available Date | Feb 19, 2015 |
Publisher | Oxford University Press |
Pages | 86-114 |
Book Title | Financialization, new investment funds, and labour : an international comparison. |
Chapter Number | 3 |
DOI | https://doi.org/10.1093/acprof%3Aoso/9780199653584.003.0003 |
Keywords | United Kingdom, Financialization, New investment funds, Labour, Employment relations, Industrial relations, Work, Private equity, Hedge funds, Sovereign wealth funds. |
Public URL | https://durham-repository.worktribe.com/output/1647060 |
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Copyright Statement
This is a draft of a chapter that was accepted for publication by Oxford University Press in the book 'Financialization, new investment funds, and labour : an international comparison' edited by Howard Gospel, Andrew Pendleton, and Sigurt Vitols and published in 2014.
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