Tuesday 28 August 2007

The Brown Bounce:The Rich Get Richer and Vietnam Style Retreat in Iraq.

There should be an outpouring of anger within the Labour Party and trade union movement at next month's TUC and Labour Party conference and within our wider society at the headlines in our papers this week.

It was revealed today that city bonuses have hit a record £14 billion, an increase of 30%. Most will go to a small number of City speculators, with one group of hedge fund managers receiving £200 million to £250 million each. To ensure that the super rich can maximise their incomes Gordon Brown cut corporation tax in his last budget and still refuses to tackle tax avoidance by the so-called non domiciles.

Under Brown's tax regime the Tax Justice Campaign estimates that every year between £90 billion and £150 billion is not collected as a result of tax avoidance and new figures published today report that nearly one third of companies are not paying any corporation tax at all.

Is it any wonder that under the financial management of our economy by Gordon Brown inequality has increased and social mobility has ground to a halt?

Whilst in London the financial speculators are able to pursue a life style of obscene conspicuous spending, working class young men and women continue to lose their lives and shed their blood in a Vietnam style retreat on the roads of Iraq simply to save the faces of the politicians and generals who placed them in this danger.

I was asked the other day why I was so angry at the political situation when we were experiencing such a Brown bounce in the polls. Angry, yes, I am angry. Angry at every death in Iraq and Afghanistan. Angry at the super rich getting richer when we still have 100,000 of our families homeless, when 3 million of our children and 2 million of our pensioners still live in poverty and furious that the Government denies treatment costing £2.50 a day to Alzheimers sufferers when we learn that city bonuses have meant that there is a 5 year waiting list for Rolls Royces and the super rich are experiencing the trauma of not being able to recruit sufficient crew for their yachts.

It is about time more of us got angry.