Corporations and a wealthy elite have hijacked our democracy, according to Labour Lord Prem Sikka.

He’s always worth reading. He seems to think Rachel Reeves [pictured] is a corporate stooge. Let’s see what he has to say:

The mechanics are that people vote and elect governments, but reality is that corporations and wealthy elites shape public policies. The people’s vote is used to legitimise the state-corporation nexus.

It is hard to recall any citizen directly asking for low wages and pensions, poor housing and food, cuts in education, NHS queues, lack of social housing and social care, privatisation of healthcare, dumping of sewage in rivers, closure of community centres, unchecked corporate profiteering, second jobs for members of parliament or funding of political parties by corporations and wealthy elites. These things happen because governments are detached from the people and are subservient to corporations.

The interests of corporations are writ large into the political system. For ideological reasons the neoliberal state is prevented from owning means of production but it must have revenues for its operations and meet some of the demands from the people. Otherwise, its survival is jeopardised. Such revenues are mainly raised from taxes levied on incomes, profits and savings, which in turn are dependent upon the economic activity of corporations. Thus, the neoliberal state is forced to have regard for the long-term welfare of capital. However, at the same time it needs to create an aura that it is even-handed and pluralist. It needs a degree of autonomy to make concessions (i.e. they can be withdrawn) to the working class and provide a stable exploitative environment for capital. The aura of legitimacy is increasingly punctured as governments are enthralled by corporations and neglect people.

That’s the premise. Here’s the assertion:

Labour’s 2024 general election victory is built upon corporate patronage. As the Tory government became unpopular, corporate purses opened up for Labour and it was getting more in political donations than all other parties combined. It received £19.5m from just 11 donors, including industrialists and hedge funds. Labour responded by having private meetings, lunches and dinners with corporate elites and lobbyists to reassure them that it would not disrupt their wealth and power accumulation. Lobbyists hired Labour MPs and staffers. Finance industry operators such as BlackRock, Macquarie, HSBC, Bloomberg, Lloyds, Brookfield Asset Management and Blackstone had easy access to Labour leadership. The Chancellor had private dinners with private equity bosses. Big accounting firms that routinely deplete the public purse by crafting tax abuses provided free staff. One insider said: “in 30 years of campaigning, I’ve never seen financial lobbying having so much influence on government policy”.

Evidence follows, and can be found here: Corporations and a wealthy elite have hijacked our democracy – Left Foot Forward: Leading the UK’s progressive debate

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