Very rarely does one venture into the “personal finance” section of the business papers. Maybe it is because advice on how to invest your million pound fortune doesn't seem that relevant to your life situation. Sometimes, however, it pays off.

It was announced last week on Thursday [September 30, 2010] that the cost of bailing out AIB has reached €29.5 billion, which might in fact be €34 billion; and that the total cost of the bailout could be €46 billion, some 32% of Gross Domestic Product. The implications of this are a recipe for class struggle and massive turbulence within the state.

The last few days have seen a flurry of activity, the AIB bill has been presented, the polls show Labour miles ahead of both Fianna Fáil and Fine Gael. The economy is faltering and there is a four year budget plan on the way, although it is unlikely to be delivered to Leinster House via a cement lorry. But what are the prospects for the main parties and how do the trade union struggles over the last two years fit into the equation?

On September 29 more than 100,000 trade unionists from 27 different countries marched through Brussels in protest against the austerity measures being imposed by governments across the whole of Europe. The turnout was far greater than the trade union organisers had expected and it reveals the seething anger that is spreading throughout the whole of the European working class.

In Spain the workers responded massively to the unions’ call of for a general strike on September 29. In addition to the two main trade union confederations, the UGT and CCOO, the strike was supported by many smaller unions: CGT, SOC / SAT (Andalusia), IGC (Galicia), CSI (Asturias), STEs (teachers) and others. Many members of Left parties, especially the Communist Parties and United Left participated actively in many areas of Spain. [The following report has been compiled from reports sent from Spain]

Tens of thousands of protesters took to the streets across Europe as strikes and demonstrations caused widespread disruption. The main action came in Belgium, Greece, and Spain with trade unions fighting against austerity measures that will have devastating consequences for the jobs and lives of working people. Strikes or protests took place in 37 countries, including Portugal, Ireland, Slovenia and Lithuania.

The recent elections in Sweden were hailed as a victory for the right wing and particularly the racist “Sweden Democrats”. However, in reality the election reflects long-term dissatisfaction with the rolling back of the Swedish welfare state, to which the Left-Green coalition has no answer. The Left Party, in particular, needs to change course in order to set itself up as a clear alternative for the workers and youth.

Capitalism is in a deep crisis and the bourgeois are planning austerity programmes that could last for a generation. The crisis in the north took longer to hit, but that’s all changed. The Tories have already telegraphed the likely cuts in the north and the CBI has weighed in with its “advice” on how to deal with the crisis. But what would their proposals mean?

As part of his campaign for General Secretary of UNITE Jerry Hicks will be addressing a series of public meetings and visiting a number of workplaces across Ireland this week (beginning the 27th September).

Against the odds, and against the wishes of the British Establishment, Ed Miliband has emerged as Labour Party leader, simply by standing a little to the left of his brother. This clinched the trade union vote, which shows in which direction workers want the party to go, clearly to the left. But which way will Ed Miliband go?

The Governor of the Bank of England, Mervyn King, spoke to the delegates gathered for the TUC conference in Manchester last week. But why was he there?

The comrades of La Riposte once again had their stall at the Fête de l’Humanité, but this time much bigger than in the past. This year the Italian Marxists of FalceMartello were also present, explaining what is happening in the Italian labour movement, in particular the developments at FIAT.

The Conservative-Liberal Democrat coalition government in Britain is made up of and advised by millionaires and billionaires. And while they live a life that millions would dream of, they spend their time investigating how much they can cut spending on social services, healthcare, education and pensions. The contradiction is clear for all to see.

In 1948 all the Tory MPs in the House of Commons dutifully voted against the setting up of the National Health Service. For more than sixty years since, the NHS has been one of our most loved institutions, relied on by millions of people to look after their health. The Tories have publicly regretted their stance and pledged that, “the NHS is safe in our hands.” We now see that was a lie. If new Health Secretary Andrew Lansley’s plans, called ‘Liberating the NHS’, goes through the NHS will be in tatters in five years time.

There are storm clouds on the horizon for the economy in the North. While the recession took longer to bite than in the south this only reflects the weakness of capitalism and the predominance of public sector employment. There are now as many people who are economically inactive (26%) than work in “private industry”. But the crisis has now caught up with a vengeance and it is only going to get worse.