Hamza Khan, West London Socialist Party
Depending on where you look, the Budget has been touted as a victory for ordinary people, or the first step to a long-desired return to economic stability. Well maybe for some! Banks, gambling companies and defence contractors all saw their share prices rise as investors celebrated a Budget that proved even less threatening to profits than expected.
Ministers fear upsetting the markets more than they fear disappointing working-class communities. Every Budget becomes a balancing act between offering just enough to try and ease public anger while ensuring that big business and wealthy investors remain satisfied with their profits left intact.
The treatment of the banks illustrates this perfectly. Investors welcomed the Budget because the increase in the bank surcharge was lower than they had expected. Billions in banking profits will continue to flow into dividends, share buybacks and retained earnings, while public services remain underfunded and councils face impossible financial pressures.
It does not have to be this way. A democratically nationalised banking system could direct those profits towards building council housing, funding the NHS, funding our councils so they can invest in local public services, all of which also create job opportunities which are desperately needed. The wealth generated by finance should be used for public benefit, not private accumulation.
With conditions worsening and the cost of living getting higher and higher, working-class people are once again told to settle for small concessions while the capitalists get richer right before our eyes. The banks cannot be left in private ownership, they need to be nationalised, democratised and run for the benefit of all of us. To stop the endless race to the bottom, we need to fight for democratic control of society’s wealth.
