Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/995/27361

From The Socialist newspaper, 16 May 2018

Sunday Times Rich List 2018

Richest worth 724bn... as 100,000 kids fall into poverty

It's austerity for us and prosperity for them, photo torbakhopper/CC

It's austerity for us and prosperity for them, photo torbakhopper/CC   (Click to enlarge)

Andrew Carss, Salford Socialist Party

724 billion. This is the combined wealth of Britain's 1,000 richest. The Sunday Times has produced its annual Rich List, and the working class can see who is dipping their hand in our pockets.

The top 1,000 have increased their worth by 10% in a year. In the same time, another 100,000 children fell into poverty - making 4.1 million, about 30% of all kids - according to the Department for Work and Pensions.

The top spot this year has been claimed by spiv-in-chief union-buster Jim Ratcliffe, net worth 21 billion. Back in 2013, the Ineos chair and majority owner used the livelihoods of thousands of workers as leverage to extract 134 million from the taxpayer for his oil refinery at Grangemouth.

In real terms, average wages are still lower than they were in 2007. The Tories have offered NHS workers a miserly below-inflation pay 'increase'. Wages are recovering slower than even after the Great Depression, according to the Trade Union Congress.

Meanwhile, at the top of the pile, capital gains tax is 28%, and corporate tax just 20% - both lower than the higher rates of income tax! For all their spiel about "making work pay," in Tory and Blairite Britain work is disincentivised for the super-rich.

They ferret away their ill-gotten gains in tax havens, where capital languishes until a profitable investment opportunity opens up for it.

Under Jeremy Corbyn's anti-austerity leadership, donations to Labour from the very wealthy have almost disappeared. Meanwhile, of the top 50 political donors in this year's Rich List, only one was not a Tory donor.

Capitalist politicians tell us that if we stand up to the billionaire 'Masters of the Universe' and demand they pay more, they will simply leave the country, taking thousands of jobs with them. But working people create all the wealth in society - the bosses just take it.

The Times has lauded the "triumph" of the "self-made" billionaires this year. "94% of most wealthy made own fortunes" in the top 1,000, it claims.

Really? Did Jim Ratcliffe make petrochemical products worth 2.3 billion profit last year himself? Or was that, in fact, the workers whose terms and conditions he battered in 2013 while relaxing on a 130 million yacht?

The answer to billionaire thieves threatening to leave is to nationalise their business empires under democratic workers' control and management. Britain is an enormously wealthy country. There is enough wealth to guarantee every person a decent standard of living - but not while supporting a billionaire class.

The Socialist Party fights for the nationalisation of the banks and top corporations as part of a democratic, socialist plan of production - and heavy, progressive taxes on the stolen fortunes of the super-rich.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 16 May 2018:


Middle East

Middle East in crisis

Exclusive interview with Gazan activist: "The more they kill us, the more the anger increases"


France '68

May 1968: Revolutionary explosion as two thirds of workforce join strike


PCS

PCS conference 2018: building on the union's militant record

PCS elections - Left sweeps the board


Socialist Party news and analysis

Tories' continuing EU quagmire is Corbyn's opportunity

Royal wedding opulence... during longest pay squeeze in 200 years

Richest worth 724bn... as 100,000 kids fall into poverty


Socialist Party workplace news

Strike at Tesco Dagenham for better pay

Belgium Lidl strike victory

Lively Hull demo against college cuts

Harrogate College strike against cuts

Leeds Acas conciliators walkout

Workplace news in brief


Socialist Party reports and campaigns

Thousands march on TUC demo

'When we fight, we can win' - campaign halts hospital closure

Chesterfield May Day: march turnout great

Save Our Square takes fight to developers

Save Southall Town Hall legal hearing success


Ronan Point

Ronan Point disaster 50 years on


International socialist news and analysis

Spain: Student general strike against sexist, capitalist 'justice' system

Sweden: Socialist elected leader of 77,000-strong tenants' union


Opinion

The Socialist Inbox


 

Home   |   The Socialist 16 May 2018   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Super-rich:

triangleRoyal wedding opulence... during longest pay squeeze in 200 years

triangleBillions for the bosses, benefit cuts for us

triangleCapitalists fear for their system at Davos

triangleWidening wealth gap, increase in poverty...make the fat cats pay

triangleThem & Us

Rich:

triangleMajority of kids poor in some areas

triangleFor workplace trade union organisation against sexual harassment

triangleTrump's tax attacks

triangle'Paradise' for billionaires - austerity for us

Poverty:

triangleLeicester socialists fight poverty-paying sweatshops

triangleChild poverty to hit 5m by 2021 - strikes can stop the cuts

triangleTaking the anti-austerity message to the chancellor's back yard

Tax:

triangleTax Amazon movement wins in Seattle

triangleThe Socialist inbox

Workers:

triangleEast London Socialist Party: 'Made in Dagenham' Ford women workers' pay strike 50 years on

Wealth:

triangleTurn Carillion crisis into movement against privatisation and capitalism

Britain:

triangleTories prepare for possible snap election

Austerity:

triangleAction demanded from new council

News and socialist analysis

News and socialist analysis

23/5/18

Rail

Government continues to back failed private rail

23/5/18

Ebola

New Ebola threat

23/5/18

Homelessness

Homeless charity colluding to deport homeless!

23/5/18

General election

Tories prepare for possible snap election

23/5/18

Ireland

Youthful enthusiasm to break with repression of past

23/5/18

Housing

Capitalism's Grenfell shame - Tories must go

23/5/18

Refugees

Support refugees rights

21/5/18

Antisemitism

Antisemitism, Israel-Palestine, & the left

17/5/18

PCS

Threat to unity of PCS left

16/5/18

Super-rich

Richest worth 724bn... as 100,000 kids fall into poverty

16/5/18

Monarchy

Royal wedding opulence... during longest pay squeeze in 200 years

16/5/18

Brexit

Tories' continuing EU quagmire is Corbyn's opportunity

15/5/18

Gaza

Stop the Israeli state slaughter!

15/5/18

Middle East

Middle East in crisis

15/5/18

PCS

PCS conference 2018: building on the union's militant record

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 0798 202 1969

East Mids: 0773 797 8057

London: 020 8988 8786

North East: 0784 114 4890

North West 07769 611 320

South East: 020 8988 8777

South West: 07759 796 478

Southern: 07833 681910

Wales: 07935 391 947

West Mids: 02476 555 620

Yorkshire: 0114 264 6551

ABOUT US

ARCHIVE

Alphabetical listing


May 2018

April 2018

March 2018

February 2018

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999