Call To Close Pension Fund Loophole

Gordon Brown and the six Labour deputy leadership contenders face calls by the GMB to close the legal loophole which enables "private equity racketeers" (as the GMB calls them) to pass on £2BN of pension liabilities to the taxpayer.

The GMB wants the UK laws that allow private companies to asset-strip failing firms, before winding them up with pension-fund liabilities left unpaid, scrapped.