Link to this page: https://www.socialistparty.org.uk/articles/18637

Posted on 19 May 2014 at 11:35 GMT

The mega-rich increase their wealth

To join this club you have to possess a minimum of £85 million. That's right, it's the annual publication of the Sunday Times Rich List. With sickening regularity the list shows that the super-rich have got even richer.

This news will further antagonise the overwhelming majority in the UK who continue to be battered with government imposed austerity, wage cuts, zero-hour contracts and ever rising utility, transport and housing costs.

The list reports that the richest 1,000 people in Britain have increased their wealth by 15% in the last year to an unimaginable total of £520 billion. That's enough wealth to run the NHS for four years and still have enough left over to build millions of new affordable homes, scrap tuition fees and much more besides.

These mega-rich individuals collectively increased their combined fortunes by £70 billion last year. So what is chancellor George Osborne waiting for when he demands that the budget deficit is eliminated? It's simple George, slap a wealth tax on these people and restore the cuts in jobs, benefits and public services!

Of course, the millionaire, Oxford-educated Tory chancellor has no intention of imposing a levy on his chums. But that hasn't stopped him imposing a pernicious bedroom tax and removing council tax support for the poorest in society, while reducing the top rate of income tax and corporation tax. And for good measure he's left open enough tax loopholes to allow the richest to salt away their wealth in offshore tax havens.

But is Labour leader Ed Miliband jumping up and down demanding the application of tax justice measures? No. As usual, he's as quiet as a church mouse for fear of antagonising big business. And what of the mass media darling - the 'anti-establishment' establishment Ukip? Not a peep from Nigel Farage. After all, one of his party backers is Paul Sykes who just happens to be a member of the rich list club!

Working class people need a new party with socialist policies to end this unacceptable social inequality. A vote for the Trade Unionist and Socialist Coalition (TUSC) in this Thursday's local elections will help bring about the emergence of such a vitally necessary party.