Private equity in the UK context

Morgan, Glenn 2009. Private equity in the UK context. Transfer: European Review of Labour and Research 15 (2) , pp. 209-227. 10.1177/102425890901500205

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Abstract

This article concentrates on private equity (PE) in the UK. It argues that private equity is the latest of a series of ways in which finance and the City of London have dominated the UK economy. In a relatively short period, large PE deals became significant in the UK. They led to organisational restructurings which treated the workforce as expendable costs. The rise of private equity led eventually to political opposition and although this appeared briefly to be very powerful, in the end it achieved little because it was never strong enough to combat the allied forces of the City, the Treasury and the Bank of England. However, private equity has not been triumphant. On the contrary it is fully implicated in the current financial crisis and its structure means that its growth has ceased and its very survival is in question. In some European countries, this may mean that rising financialisation will be halted at least temporarily. However in the UK, where the City is powerfully entrenched, private equity may decline but it is doubtful whether the financial dominance of the UK economy will be fundamentally challenged.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory H Social Sciences > HG Finance H Social Sciences > HJ Public Finance J Political Science > JF Political institutions (General) J Political Science > JN Political institutions (Europe) > JN101 Great Britain
Uncontrolled Keywords:	Private equity ; Financialisation ; Regulation ; Organisational restructuring
Publisher:	Sage
ISSN:	1024-2589
Last Modified:	19 Mar 2016 22:33
URI:	https://orca.cardiff.ac.uk/id/eprint/19859

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