Saturday, April 28, 2007

Return of the Super-Mega-Rich!!!

Our widening wealth gap

The ripple effect of bonus payments in London & SE combined with an influx of millionaire/billionaires into tax haven UK, has pushed demand for housing through the ceiling. That most basic component of British life, a home of one's own, is beginning to resemble a luxury.

Posted by nearly30 @ 09:27 PM (801 views)
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13 thoughts on “Return of the Super-Mega-Rich!!!

  • Read this good article in full earlier, the third page is probably the most relevant to ‘normal’ people.

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  • The least affordable town was Gerrards Cross in Buckinghamshire, where the average house cost 29.5 times a nurse’s gross average salary of 25,724. Says a lot – and as for 60 per cent stake in a £270,000 two-bedroom flat in a new development on the Thames in Vauxhall. – that’s £162,000 – hardly ‘Social Housing’ is it – un-f*ckin-believable!!!!!

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  • Incredible

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  • Call me dumb – but if the Super-Rich don’t pay tax on their earnings from abroad and yet they are domicle here in the UK – isn’t the government unfairly penalising anyone who is a native UK citizen – so in essence it must be against the law in some-way?

    The UK Govt. are actively being racist towards the UK citizens!!!! Absolutely Mad!! Well done NuLiebore – truly a first!!!

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  • Nearly30, I have a theory. Remember in the days of Lenin and Stalin, they would place their undercover agents in foreign countries with the intention that some of them will rise in the political ranks and then play major parts in the control of those countries, effectively conquering the countries from the inside out. It is an ideal chess move, which the Russian communists are also best at. Perhaps one of their top agents is Gordon Brown.

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  • If the government taxed the earnings of the resident super rich foreign nationals their money would not come pouring into the City of London because they would simply relocate to preserve their wealth.

    Instead the government pushes its stealth and green tax agenda onto the resident majority, degrades services and generally rips off Joe Public in order to keep the boat afloat. The square mile might be doing very well but elsewhere in the country things are not very rosy and beginning to look ever more run down as local authorities skimp on basic maintenance of their existing infrastructure and services whilst ever more being run like personal money making businesses by their chief exec’s on ludicrously generous salary and pension terms.

    Local authorities no longer serve the people they are run to serve themselves at the expense of their unfortunate residents.

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  • Enuii is correct. When I used to visit London, I was a bit annoyed because people I spoke to knew very little about the affairs going on in other parts of the country. The Metro paper for example only covers London, and some had never even heard of Stoke-on-Trent, my own town, even though it appears on a map as a major city in the UK. I must confess that now I am living in London, I am becoming similar to them. I get good money, the life is fast and I care less about other parts of the country now, even my home town.

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  • what a country that allows this i mean what a rip off the uk is becoming. from oligarchs to city slickers all living the the life of ryly and being al lowed to get away with it from our so called socialist government

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  • the tax rules here in the UK are so f***ked up that in comparison the People Republic of Washington is a communist state with more or less fiscal equality and the certainty of being caught if you evade. I am eagerly waiting for the uk middle class to wake up (after the binge of the property millionaires) and give NeueLabour the boot

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  • enuii – take some small comfort that there’s a local election this week.

    This country feels more pre-war now than 1980s – what with prohibition [anti-smoking], ‘age of conspicuous consumption’ and Super-Rich.

    For an interesting read – try ‘Differential Accumulation’http://en.wikipedia.org/wiki/Differential_accumulation.

    Info from http://cogprints.org/2522/:

    Existing theories of capital, neo-classical as well as Marxist, are anchored in the material sphere of production and consumption. This article offers a new analytical framework for capital as a crystallization of power. The relative nature of power requires accumulation to be measured in differential, not absolute, terms. For absentee owners, the main goal is not to maximize pro.ts, but rather to ‘beat the average’ and exceed the ‘normal rate of return’. The theoretical framework builds on Thorstein Veblen’s separation of industry from business and on Lewis Mumford’s dichotomy between democratic and authoritarian techniques. Extending their contributions, we argue that capital is a business, not an industrial category, a human mega-machine rather than a material artefact. Indeed, it is the social essence of capital which makes accumulation possible in the .rst place. Capital measures the present value of future business earnings, and these depend not on the productivity of industry as such, but on the ability of absentee owners strategically to limit such productivity to their own differential ends. Introducing the twin concepts of the ‘differential power of capital’ (DPK) and the rate of ‘differential accumulation’ (DA), we examine the non-linear and possibly negative link between industrial growth and accumulation in the USA

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  • Nearly30, youre right about the pre-war feel and it may be something to do with this paragraph out of the article:-

    “But it’s not just a feeling, it’s true. The top one tenth of the top one per cent of earners now take home the same slice of total national income as they did in 1937. The gap between the super-high earners and the rest has widened to pre-war levels after decades of convergence.”

    The government therefore have the dubious achievement of dragging the majority of us back 70 years in the wealth stakes, remember most people did not retire in the UK before the late 1940’s and worked until they physically couldn’t or dropped dead!

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