Socialist Party
| Print

31 July 2019

Aristocrats are rich after all... and getting richer

Nancy Taaffe, Waltham Forest Socialist Party

A few years ago, there was a raft of TV programmes showing aristocratic owners of stately homes who had fallen on hard times, and were in danger of losing these precious national treasurers forever.

We watched these bumbling modern-day aristocrats retreat to one room, boiling water on a single ring to make tea among the fraying carpets and dusty curtains, accompanied by the sound of rainwater dropping into steel buckets to catch it from the hole in the roof.

Well hold those violins!!!

Matthew Bond and Julien Morton from London South Bank University have just published research into the health of the modern-day aristocracy.

The research looked at 2,000 current title holders, such as dukes, marquesses, earls, viscounts and barons. It looked at more than a million wills passed down from generation to generation, some going right back to 1858.

The research paints a totally different picture of the modern aristocracy to the one portrayed by these television programmes. It paints a picture of hermetically sealed-in wealth within families that has become bigger and more concentrated over the years.

Some of the biggest inheritances of the last decade are 6th Duke of Westminster, Gerald Grosvenor, worth 659 million. 11th Baron Barnard, Harry John Neville Vane, 94 million. 11th Duke of Grafton, Hugh Dennis Charles Fitzroy, 71 million, and the list goes on.

Between 1978 and 1987 these wills and aristocratic inheritances were worth 4.2 million each, adjusting for inflation.

The report suggests that economic 'liberalisation' and deregulation of the City, ushered in by Margaret Thatcher, turbo-charged aristocrats' wealth. They took advantage of low interest rates and bought stocks and shares.

The values of the same inheritances have now increased fourfold to 16.1 million each.

The report cites the aftermath of World War Two as a phase of more progressive taxation and the expansion of the welfare state - Labour government reforms during a period of economic boom - which resulted in a 'pause' in their parasitical accumulation.

Rather than tea and sympathy, this report will have you looking for your pitchfork, particularly when you think that the phrase 'child summer hunger' is becoming normalised.

Many kids who experience this suffering will accompany their working parents to foodbanks.

The theft of land and assets by aristocrats hundreds of years ago allows them to survive and thrive still. The first English revolution obviously didn't complete the job, another one is needed.




http://www.socialistparty.org.uk/articles/29411




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

triangle15 Jan Reverse Unison's undemocratic nomination of Blairite Starmer

triangle15 Jan Build for strikes to save NHS

triangle15 Jan Young people who voted for Corbyn's manifesto will now ask... How can...

triangle15 Jan Massive Scottish independence demo marks new stage in struggle

triangle15 Jan France: Struggle over pension rights; government in difficulty

triangle15 Jan Labour Party leadership contest: Fight for a mass anti-austerity,...

triangle9 Jan Unison national executive members challenge validity of nomination...

More ...

WHAT'S ON

triangle20 Jan Leeds Socialist Party: How would socialist planning work?

triangle20 Jan Nottingham Socialist Party: The role of a revolutionary party today

triangle21 Jan Birmingham SE Socialist Party: Socialism and Religion

triangle21 Jan Bristol North Socialist Party: Chile in Revolt

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: 079 8202 1969

East Mids: 077 3797 8057

London: 020 8988 8786

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 079 3539 1947

West Mids: 024 7655 5620

Yorkshire: 077 0671 0041

ABOUT US

What we Stand For

About the Socialist Party

Joining the Socialist Party - what will it mean for you

ARCHIVE

Alphabetical listing


January 2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999