An American rival — Cincinnati-based Vantiv — has launched a £9 billion takeover bid. Although 5,000 UK jobs are at risk, it seems that Worldpay bosses, led by former CBI president Sir Mike Rake, have succumbed with barely a murmur.
This supine cave-in typifies the attitude of our political and business elite.
They seem totally unconcerned at the speed with which British high-tech firms — built by the scientific and engineering skills of some of Britain’s greatest brains — are falling into the ravenous maw of foreign firms.
With Brexit on the horizon, the timing could not be worse.
Instead of stopping our national assets and technological genius being stripped, employers’ groups such as the CBI — who were used as puppets for the Cameron government’s cynical Project Fear — should now be straining every sinew to protect Britain plc.
This is why the fate of Worldpay — Britain’s largest and most profitable financial technology (‘fintech’) group — is so vitally important.
Dunno who is paying for this but all the signs of a bit of financial PR.
The bit being missed is that the company does not belong to Britain it belongs to the shareholders. Who are getting 9 billion spondoolies for their troubles.