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Financialization, New Investment Funds, and LabourAn International Comparison$
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Howard Gospel, Andrew Pendleton, and Sigurt Vitols

Print publication date: 2014

Print ISBN-13: 9780199653584

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199653584.001.0001

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Financialization, New Investment Funds, and Weakened Labour

Financialization, New Investment Funds, and Weakened Labour

The Case of the UK

Chapter:
(p.86) 3 Financialization, New Investment Funds, and Weakened Labour
Source:
Financialization, New Investment Funds, and Labour
Author(s):

Andrew Pendleton

Howard Gospel

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199653584.003.0003

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.

Keywords:   United Kingdom, financialization, new investment funds, labour, employment relations, industrial relations, work, private equity, hedge funds, sovereign wealth funds

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