Link to this page: https://www.socialistparty.org.uk/issue/1142/32811
The Socialist 14 July 2021 |
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Wealth chasm widens
Take the wealth off the 1%!, photo Senan (Click to enlarge)
The rich have got richer during the pandemic. For those who own expensive property or other assets, they have seen a big jump in their family wealth, widening the already existing wealth chasm. The continued rise in house prices has helped. Not much use if you are a lower-paid worker looking to buy a home.
A year of Covid restrictions has meant that those who are better off have been less likely to spend and have increased their savings. For those worse off, they are more likely to have lost their job, taken a 20% pay cut on furlough, or taken the opportunity to pay off debts.
The report states that total UK wealth has increased by £900 billion during the course of the pandemic. It is clear that the Tories want to keep this wealth in the hands of the rich. That explains the planned end of the Universal Credit uplift and triple lock on pensions. It is also clear that Labour is unprepared to challenge them. We need a new mass workers' party that fights in the interests of the working class with a socialist programme to take the wealth off the super-rich to end poverty and inequality.