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From The Socialist newspaper, 10 October 2018

Super-rich flee to Monaco to evade Corbyn - take the wealth off the 1%!

Britain's super-rich are threatening to up sticks to avoid higher taxes

Britain's super-rich are threatening to up sticks to avoid higher taxes   (Click to enlarge)

Connor Rosoman, Brighton Socialist Party

Britain's super-rich are running scared at the very prospect of a Corbyn government. The country's very wealthiest are already moving their trusts and setting up offshore accounts in tax havens like Monaco and Luxembourg.

Some are even making plans to flee the country, according to a report in their mouthpiece, the Financial Times, on 5 October.

The super-rich are terrified of the thought that a Corbyn-led government will embolden workers to come for their profits.

The Tories have faithfully served the capitalist class by cutting taxes for the rich and selling off public assets.

For millions of working people though, this has meant cuts to services and poverty pay, alongside rising housing and living costs. Many tenants, myself included, spend most of our income on rent alone.

But the movements that have sprung up behind Jeremy Corbyn and his promise of real change show that workers and young people have had enough of Tory and Blairite rule.

With May's shambolic Brexit negotiations, there is a real possibility of another general election on the horizon - and of a Corbyn-led Labour government coming to power. The billionaires find this even more worrying than leaving the neoliberal EU.

It is the workers who produce all the wealth in society. But capitalists line their pockets with what we produce.

Without the workers, the rich would have nothing. They would rather the profits they steal from us sustain their opulent lifestyle of gigantic mansions and gold taps in their bathrooms than fund public services.

And they will not give this wealth up so easily. All this is just a glimpse of what would happen if an anti-austerity government tried to challenge them for their ill-gotten gains.

John McDonnell has previously given a muddled response on the issue, saying "I don't think there will be" a run on the pound - massive reduction in currency value - in the event of Corbyn-led Labour government. The FT report is further proof that such an event is to be expected.

But what is the socialist answer to this? To prevent wealth flooding out of the country, a socialist government would have to nationalise the banks and top corporations under democratic workers' control and management.

It would also have to implement capital controls - limits on money coming into and out of the country.

These measures would need to be immediate to take economic power out of the hands of the capitalist class. Only democratic, socialist planning of the economy can answer the threat of economic sabotage.

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The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

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In The Socialist 10 October 2018:


What we think

Tories' crisis conference - Corbyn must fight for general election


Workplace news and analysis

We need democratic, rank-and-file leadership to win national UCU disputes

First coordinated catering and courier strike whets workers' appetite for action

Another first: pub strike victory in south London!

Cable makers strike against real-terms pay cut

Strike raises pay at Liverpool airport

South Western rail guards hit 18 strike days


Socialist Party news and analysis

Fight the right

12 years to halt irreversible climate disaster. Capitalism's time is up

8,000 Glasgow workers plan historic mass strike

Super-rich flee to Monaco to evade Corbyn

Workers in UK do 1.2trn of unpaid housework and care

Workers' action wins Amazon pay rise

Them & Us


Anti-racism

Fight racism: fight for jobs, homes and services for all

25 years since 50,000 marched against the far-right threat


International socialist news and analysis

Polarisation, risks and resistance in Brazilian elections

US: #CancelKavanaugh

Mexico: socialists violently attacked by gangs - urgent solidarity needed

Ireland: 10,000 march for homes in Dublin


Socialist Party reports and campaigns

Liverpool 47 plaque: "Better to break the law, than break the poor"

Palestinian solidarity: "We are not victims. We are freedom fighters."

Leicestershire: stop the cuts to our hospital services

Save Huddersfield Royal Infirmary - the fight goes on

Finance - a crucial component of socialist campaigns


Opinion

The murky world of the 'Big Four' accountancy firms

The Socialist Inbox


 

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Related links:

Super-rich:

triangleTake the wealth off the super-rich

triangleThem & Us

triangleThem & Us

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

triangleTories out - we need socialism!

Rich:

triangleRich get handouts - workers get pay cuts

triangleBail out the real wealth creators, not the rich

triangleNationalise to save jobs threatened by Covid-19 and downturn

triangleImmigration: For a system that meets the needs of the majority, not a rich elite

Wealth:

triangleUniversal Basic Income: not a solution to insecurity and poverty under capitalism

triangleEnd health and wealth divide - Fight for our NHS

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