The world economic crisis has hit the construction industry very hard. The Office of National Statistics Bulletin for the 2nd quarter 2011 says that the total volume of new orders for building contracts is at their lowest level since 1980. Faced with this slow-down, one of the major UK Construction companies, Balfour Beatty Engineering, issued 90 day notices of termination to some 890 employees on the 14th September. 7 other major electrical contractors also announced their intention to withdraw from the national industry agreement, proposing to split electricians from one grade – where they’re paid £16.25 per hour – into 3 grades ranging from £10.50 to £14 per hour. For those downgraded to £10.50 this will amount to a 35% pay cut. There was an immediate reaction from the workforce, with co-ordinated unofficial action taking place at several major construction sites across the UK.

Now the G20 London Summit is over, what is the message that the rulers of the earth is they can deal with the economic catastrophe facing the capitalist system.The present crisis of overproduction, however, has its roots not, as the economic experts claim, in any kind of temporary ‘imbalance' in the world economy, but in the basic social relations of capitalism.