Top 1% of earners on track to own 64% of world’s wealth by 2030. UK Gini Index which measures inequality has risen from 25% to36.3% since 1977.
The capitalism practiced in this country has led to the mess we are now in. We did not chose to have the pandemic, or instigate the Ukraine War, but a minority did chose to leave the world’s largest trade organisation. Government policies have public services. Food banks in a country with average GDP $40000. It is fucking obscene. 172000 millionaires who this government have just a tax cut.
I am trying to work out the rationale for this. I assume that not all will spend the extra on more luxurious trinkets, or their children education; so they add it to their bank balance, where in turn it may allow the banks to increase lending to business. More likely they will buy more shares in FTSE100 companies like BP where their investment will make them more in dividends without creating a single job. Profits of these companies does get taxed so there could be some pay back for the government.
However this would not result in a surge in investment or jobs. The world currency market has shown what it thinks of this governments uncosted or scrutinised plans. The pound falls, FTSE falls, trade gap increases, debt increases, cost of debt increases, public services diminish, and the rich get richer. And still 30% of voters would vote for the nasty party like turkeys voting for Xmas! Fucking numbskulls.