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From The Socialist newspaper, 10 May 2017

1,000 super-rich own 658 billion!

Monopoly man with axe dancing on money bags, 1% super-rich austerity inequality, photo torbakhopper (Creative Commons)

Monopoly man with axe dancing on money bags, 1% super-rich austerity inequality, photo torbakhopper (Creative Commons)   (Click to enlarge)

Steve Score

We are living in an age of austerity, we're told. There's no money for public services says the Tory government; 'efficiency savings' (cuts) of a further 22 billion must be made in the NHS. Workers must continue to have their pay capped while real inflation goes up. Benefits must be cut; foodbanks have had to give out ten million meals in a year.

This is our world. Yet it's not everyone's world. If you are one of the 1,000 richest people in Britain, then things are different.

The Sunday Times Rich List 2017 has shown that in just one year they have seen their collective wealth rise by an incredible 14% to 658 billion. No pay freeze for them!

Britain is a tax haven for a large chunk of the world's super-rich - they are here because they can avoid paying tax. Steel boss Lakshmi Mittal, whose company has slashed jobs and workers' pensions, increased his personal wealth by 6 billion in just 12 months to over 13 billion.

The top Brit on the list is 26-year-old Hugh Grosvenor, who 'earned' his wealth last year when his dad, the Duke of Westminster, died and left him his estate.

Jeremy Corbyn

We are told Jeremy Corbyn's promises like building 500,000 council homes, suspending cuts in the NHS, ending pay freezes, free education, a 10 an hour minimum wage and banning zero-hour contracts are unaffordable without a 'tax bombshell' for working people. Yet the wealth of these 1,000 people could pay for all of those things and a whole lot more!

Labour shadow chancellor John McDonnell is right to say that no one earning less than 80,000 a year would pay more tax, but that the billionaires will. He is right to propose reversing Tory cuts in capital gains tax and corporation tax, although he should commit Labour to substantially increase the rate of corporation tax beyond that too.

And he could go a lot further. The super-rich have numerous ways they can avoid paying tax. We have to take control of their assets.

Bring the banks and the big companies that dominate the economy into public ownership so we can democratically decide how to use those resources for the whole of society, not just the tiny elite.

When Jeremy Corbyn attacks "greedy bosses, crooked bankers and tax-avoiding rich" he is right. If he can get this message across to the millions of people in Britain who are deciding how to vote, the election could be won. And we really could make the super-rich pay!

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In The Socialist 10 May 2017:

What we think

Local election results must mean Corbyn campaign is stepped up

Socialist Party news and analysis

Tories wrecking our NHS: kick them out!

Corbyn pledges freeze on 'STP' health cuts

Corbyn pledges council powers to take over academies

Tories forced to publish useless plans on toxic air

1,000 super-rich own 658 billion!

Corbyn promises to scrap hospital parking fees

Corbyn would limit TV junk food ads

What we saw

International socialist news and analysis

France: Macron won't solve economic & social crises

Local elections 2017

TUSC's anti-cuts message finds positive response

Liverpool city region mayor election - almost 8,000 votes for TUSC

Tories win West Midlands mayor - the complete failure of the Labour right

Labour hangs on in Wales despite cuts councillors

Doncaster TUSC's campaigning against cuts goes on

Workplace news and analysis

Tube strike at London Bridge over unfair dismissal

After the Unite elections - now turn outwards

Workers fight back against race to the bottom!

Royal Mail walkout over suspension of union reps

Good debate and response at radiographers' union conference

Socialist readers' comments and reviews

US: women ice hockey players' strike threat wins living wage

Featured letter: disabled workers want our voices heard, not charity

Foreign aid corruption: capitalism to blame

Why I joined: raising the ideas of socialism

Theatre review: Fracked! Political satire skewers frackers

The Socialist inbox

Socialist Party reports and campaigns

Campaign launch: "rip-off bosses and greedy bankers - enough is enough!"

Overflowing Corbyn rally in Leicester

Hundreds rally for Corbyn in Leamington

One Housing tenants force housing association back

Jobstown Not Guilty trial round-up

Yorkshire meeting in solidarity with the #JobstownNotGuilty campaign

Socialists tell free marketeers

Packed Socialist Party meeting discusses the general election

Sutton Coldfield socialist campaign stall


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