Wednesday 17th October 2018.
This posting refers you to an excellent article in The Guardian, entitled “Britain fell for a neoliberal con trick, even the IMF says so”, published today:
Chakrabortty is a Guardian columnist and senior economics commentator. He sets out what has been happening to Britain’s wealth since the Thatcher revolution, as follows:
“Thatcher loosed finance from its shackles and used our North Sea oil money to pay for swingeing tax cuts. The result is an over financialised economy and a government that is £1tn worse off since the 2008 banking crash. Norway has similar north sea wealth, and a far smaller population, but also a sovereign wealth fund. Its net wealth has soared over the past decade.”
He goes on to explain how privatisation and austerity has increased the UK’s financial precariousness. IMF research shows that the Westminster classes have been asset stripping Britain for decades, and storing up trouble for future generations, by giving unearned wealth to a select few.
You may ask why I have included this citation on a website about climate change. The reason is, as described in other pieces about the economy, and in my book, the issues of climate change, wealth and the economy all are inter-linked.