Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://secure.socialistparty.org.uk/issue/468/1932

From The Socialist newspaper, 4 January 2007

Super-rich pocket 18 billion

Build a socialist alternative

FAMILIES who lost their savings due to the collapse of the company Farepak struggled to have a good Christmas. At the same time London's top financiers were living it up with bonuses totalling 9,000,000,000 (9 billion). Across Britain as a whole, the bonuses received by directors were estimated to be double that figure, a staggering 18 billion.

Judy Beishon

More than 4,000 London financiers received over 500,000 each. One of them walked away with 25.5 million, an amount that could only be earned by a worker on the minimum wage if he or she worked for 2,618 years with no break!

And it is not just obscene bonuses that mark the difference between the best and worst off; the wage gap has also continued to rise. Top directors have seen their pay packets more than double since the year 2000, while ordinary workers have had an average increase of just 6%.

The huge disparity continues with retirement. A director of one of the UK's top 100 companies can retire at age 60 on a final-salary pension of nearly 3 million. At the same time, a majority of UK workers face retirement at 65 or later on pensions that will not provide a decent quality of life; with a single person's state pension a paltry 84.25 a week.

When trying to justify the level of city of London bonuses, the Lord Mayor of London argued that hospitals and schools benefit from tax paid on the bonuses. But it is common for the super-rich in Britain to base themselves in tax-free havens abroad, commuting to London by private jet, or to hive off their money into offshore accounts, precisely in order to avoid financing our hospitals, schools and state pensions.

Many of these tax-avoiders have given money to Tony Blair's New Labour, such as steel tycoon Lakshmi Mittal, so that they will not face government obstacles to continuing with their opulent lifestyles. They know from Labour's entire record that this funding is falling on fertile ground. Blair has even offered seats in the House of Lords to super-rich individuals who do not pay any British taxes at all on their income, as was exposed in last year's cash-for-peerages scandal.

A number of national newspapers carried articles during the Christmas period deploring the escalating inequality that exists, but ending with no suggestion of how it can be prevented. This is because they are papers owned by big business that deliberately offer no alternative to the capitalist system and the three main capitalist parties. To read about socialist ideas - the alternative that would place working class interests first - it is necessary to turn to the pages of this paper, the socialist.

So add to your New Year resolutions a decision to buy and read the socialist every week of 2007, and better still to get involved in building the Socialist Party and the Campaign for a New Workers' Party, as the most concrete way of changing the future!

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


In The Socialist 4 January 2007:

Super-rich pocket 18 billion


Transport deregulation rip-off

We want our busses back!


Socialist Party NHS campaign

Build for a March demo

Video National Save Our NHS Whitehall campaign Protest (340Kbits) (4 min video)

Merthyr fights Labour's 'designs'


Socialist Party Marxist analysis

Fighting the bosses' offensive


War and terrorism

Saddam Hussein: Barbaric hanging deepens divisions

Frankenstein kills out of control monster

Arise, Sir Dodgy Dossier


Violence against women

Ipswich murders lifts lid on violent world

Vigil remembers the victims


Socialist Party workplace news

Workers prepare for action over jobs, pay and services

Strike action brings victory

Victory for Surrey social workers

No to the 'Single Status' race to the bottom

Railworkers fight for quality of life


 

Home   |   The Socialist 4 January 2007   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Rich:

triangleAristocrats are rich after all... and getting richer

triangleThe Socialist Inbox

triangleTake the wealth off the super-rich

triangleYouth strikes show the way - mass action can oust Tories

triangleBillionaires avoid paying and even talking about tax! Take the wealth off the 1%

Super-rich:

triangleThem & Us

triangleThem & Us

triangle'Fat Cat Friday' shows where all the money's gone

triangleTories out - we need socialism!

Bonuses:

triangleArgos Christmas bonus cut

triangle10 years since the financial crash - the socialist answer to capitalist crisis

triangleCity bosses' 40m bonuses as Number of food banks hits 2,000

Capitalist:

triangleTheatre: On Bear Ridge - an examination of loss, set in a post-apocalyptic world

triangleTwitter's banning of political ads threatens workers' voice

Reports and campaigns

Reports and campaigns

13/11/19

Postal workers

Postal union determined to resist bosses' attacks

13/11/19

Socialist Party

I'm 90 and still a socialist

13/11/19

UCU

UCU strikes: Union means business in fight against employers

13/11/19

PCS

General secretary election: Enthusiastic support for Marion Lloyd

13/11/19

Socialism

Socialism 2019 - what you thought

13/11/19

Mansfield

We saved Chatsworth Ward - two years on

13/11/19

Fighting Fund

Help socialist ideas spread this election: donate!

13/11/19

Barking

Barking: protest brings pledge to remove dangerous decking

13/11/19

Campaign Opposing Police Surveillance

Trade union conference to force secret police disclosure

13/11/19

Climate change

Socialism 2019 rally: "Socialist change needed to end climate change"

13/11/19

Leicester

Leicester campaigns to save our NHS

13/11/19

Museums

Bradford libraries and museums: Unite members escalate action against cuts

13/11/19

NHS

Frimley NHS Trust strikes: Health workers walkout against privatisation

13/11/19

Workers

'McStrikers' demand 15 an hour

13/11/19

Socialist Students

Fighting for free education, jobs, homes, and a future worth living

triangleMore Reports and campaigns 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 07954 376 096

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


November 2019

October 2019

September 2019

August 2019

July 2019

June 2019

May 2019

April 2019

March 2019

February 2019

January 2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999