Fight back: Take the wealth off the super-rich
Scott Hunter, Swindon Socialist Party
For most people, 2025 promises to be another year of uncertainty and hardship. We can expect council tax rises across the country in April, while councils of all colours continue to carry out cuts. Rent, utilities, transport, food – the list goes on, and all are set to become more expensive.
Speaking to workers on Socialist Party campaign stalls, picket lines, and in my workplace, I haven’t met a single person who can say their pay will rise this year to meet these price increases.
Who’s benefiting from the current state of things? Barclays CEO CS Venkatakrishnan has more than doubled his pay to £10.5 million this year, as Barclays overall reported pre-tax profits of £8.1 billion. One Barclays banker even took home £14 million – more than the CEO!
Meanwhile, the Chief Executive of HSBC Georges Elhedery has the chance to earn up to £15 million this year. This is linked with proposals to delay the bank’s climate targets by 20 years. HSBC now says it plans to hit ‘net zero’ in 2050, instead of 2030, citing that they have “seen more challenges” than expected.
If any of us so dramatically fell short in our own jobs – pushing back a deadline decades – we would expect the sack instead of a pay rise! Yet, for the bankers of the world, these failures have no negative impact. This is because the likes of Venkatakrishnan and Elhedery have done their real jobs: increasing the profits of the bank and the wealth of their shareholders.
Wealth doesn’t just come out of thin air – it’s created by our hard work. Why should it go into the pockets of bankers who just move money around? Or the bosses who put their feet up while we do the hard graft? The banks, energy and water companies, and all the private profiteers should be nationalised under democratic workers’ control so that we can put their wealth and resources to work for us rather than the few at the top.
The wealth is there to provide fully funded public services, pay rises and quality social housing for all. If we planned society utilising the resources and scientific discoveries to democratically cooperate with workers across the world, a decent standard of living could be provided to all without destroying the environment. If you want to join us in the fight for a better world, join the Socialist Party today.
