There is more money in the UK economy than ever before. Who’s got it?

Money, money, money: Rishi Sunak says there’s hardly any available for public services but there is more of it in the UK economy than ever before – more than three times as much as when the Tories came into office in 2010. Why doesn’t he use some of that, rather than leaving it in the hands of people who didn’t deserve to be given it in the first place?

Who is hoarding all the cash?

There is currently around £2.7 trillion washing around the UK economy somewhere. It’s not debt, as your mainstream Establishment politicians keep telling you, because the system needs to have money in order to work. It’s the blood that keeps the body alive; the oil that keeps the engine working. This Writer demonstrated as much in a previous article.

In a population of 68 million people, £2.7 trillion comes out as around £40,000 per person – easily enough for us to be able to pay for top-level public services and have enough left over to treat ourselves.

But we are constantly being told – most recently by Keir Starmer – that there is not enough money to provide the public services that we need; to re-nationalise our national utilities that are mostly making profit for firms owned by foreign governments, to restore our rotting water and sewage network that greedy private shareholders have allowed to fall into ruin while they took our bill payments for themselves, to invest in environmentally-friendly power and technology, to provide cheap housing… the list goes on and on.

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So where is all the cash? It must have gone somewhere, right?

The answer is that it has been given to extremely rich people who don’t need it, mostly (for example, in the case of the Covid-19 PPE scandals) in return for goods and/or services that didn’t actually work.

If you believe people like Gary Stevenson (and I tend to), these people have then hoarded that wealth, using it only to buy assets – property or businesses, in order to make them too expensive for the rest of us to be able to afford.

These things may then be rented or sold back to us at a price so high that we need to go into debt (think how much a mortgage costs these days) and spend the rest of our lives trying to pay the money back to them, with interest, so they can sit back on their fat backsides, eating lotus or whatever it is the idle rich do.

Remember: the inflated prices they ask us to pay are entirely arbitrary. They don’t have to charge us the Earth for anything because they are already rich and don’t need the cash to support them; a far lower price would be enough for them to get by.

So (again) if that’s where the cash has gone and what it is doing there, why is this happening?

The answer can only be: to keep the rest of us down. By denying us properly-funded public services, they force us to pay for expensive private schemes that don’t work because of profiteering, and this keeps us poor. Because we are poor, we have to work like slaves to try to make ends meet.

And this is the logical conclusion of all the neoliberal politics of the last 40-50 years: the creation of a new slave state, toiling in the dirt to keep a tiny group of elite citizens in absolute luxury.

Am I mistaken?

If you think so, then ask yourself: Where is my £40,000?


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