Tag Archives: trillion

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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Tory Brexit has decimated the UK’s financial industry – and YOU will suffer the consequences

This is UK money: enjoy the sight of it because it is currently being turned into Euros and we are never likely to see as much of it again – and you have Boris Johnson and his Conservatives to blame.

Wow. Boris Johnson’s insistence on his silly Brexit deal has meant the one industry in which the UK remained a world leader – finance, is falling.

More than 440 financial firms have shifted thousands of jobs and £1 trillion of assets out of the UK and into the EU because of Brexit.

That’s about 10 per cent of the total assets held by the UK banking system – meaning that our banks have been decimated, according to the classical definition of the term (decimation, in army terms, was the killing of one in every ten of a group of people as a punishment for the whole group).

And worse is to follow, according to research from the New Financial think tank.

Boris Johnson’s Brexit deal didn’t cover financial services, you see. He relied on “blue sky” daydreaming that a separate deal could be reached with the EU. This dream has turned into a nightmare with the EU refusing to give ground.

7,400 jobs have moved from the UK to the EU – and are not likely to be replaced.

And the UK is set to lose much of its £26 billion annual financial trade surplus, meaning the nation’s balance of payments (the difference between profits from exports and payments for imports) is likely to slip much deeper into the red.

It’s further evidence of a bizarre Tory policy – to give all of the UK’s business assets to foreign firms and governments.

The privatisation of UK industry – begun under the Thatcher governments and continuing to this day – has taken ownership of firms away from the general public and placed it mostly in the hands of foreign organisations.

Firms run by the governments of EU countries now run most of our railways, water services, and (I seem to recall) power supplies. Now our banking services are set to atrophy.

And of course, it will be ordinary working-class UK citizens like you and This Writer who will suffer.

Businesspeople always pass the consequences of their failures down. That’s why Tories have been able to persuade so many voters that pay rises for the workers are a bad idea – the bosses would not forgo their profits to support them but would hike their prices instead.

With less cash coming into the UK via the banks, the ultra-rich parasites will be looking for new ways to suck money out of us.

The result will be the impoverishment of the UK. We will be a once-great nation destroyed by political midgets with over-inflated opinions of themselves.

Source: Banks and insurers move £1 trillion of assets out of UK due to Brexit | The Independent

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The Tories have pushed public debt past £2 TRILLION after they promised to eliminate it

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“Spaffed up the wall”: Boris Johnson’s phrase – inappropriately applied to public money used to investigate child abuse – may now be more correctly applied to his own government’s use of all public funds..

Remember when the national debt was just £950 billion and the Tories slithered into office with a claim that they would eliminate it?

What happened?

George Osborne – remember him? – promised that he would eliminate the national deficit (regular borrowing by the government) by 2015, and would then reduce the debt.

He never did. And now he’s nowhere to be found.

And the national debt is now more than double what it was in 2010.

The Tories will say it’s because of the cost of the Covid-19 crisis – which they have increased exponentially by involving inept private health companies that have failed to carry out a single task adequately.

They may say it’s due to the cost of Brexit – which Boris Johnson pushed on us with a campaign of lies back in 2016 and which has cost us more in four years than we paid in more than 40 as an EU member state.

And they will certainly try to blame the Labour government of 1997-2010 and the international financial crisis that happened during that period, which had nothing to do with Labour policies.

They’ll also say a Labour government would have made matters worse, even though they have squandered more money in the last 10 years than was ever spent by every Labour administration the UK has ever had.

And don’t forget that Labour has reduced the national debt when in office, which is more than the Tories have done in our collective lifetime.

The BBC article is full of Tory apologists saying there was nothing they could do, but it simply isn’t true.

The Conservative Party has, in the words of Boris Johnson “spaffed up the wall” all the public money it could get its hands on, and then borrowed more than a trillion pounds more.

And ministers will say that you have to pay it back.

Source: UK government spending on virus measures pushes debt to £2 trillion – BBC News

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