Profits up—1,200,000 unemployed? Bring down the Tories

In the autumn of 1972 rising profits together with record unemployment figures, revealed the parasitic character of the British ruling class. With wages increasingly undermined by rising prices Ted Grant pointed out that the pressure from the workers to resist against this erosion was resulting in sharper class struggle. The bosses were not keen on concessions in spite of rising profits because “…profit is the unpaid labour of the working class. If the share of the workers is cut the share of the capitalists rises.”