The principal objective of the UK tax system, in which the poor pay a higher proportion of tax than the rich, is not to improve the collective well-being of society, but to funnel cash – largely through tax cuts – to the corporate elite. This isn’t free-market capitalism in the formal sense, but socialism for the rich – a form of state capitalism – no different in principle to the old statist economies of the former Soviet Union.
Since the 2008 financial crisis, UK authorities have been absolutely toothless when it comes to prosecuting bankers who’ve broken the law. Is it simple incompetence? Or is our regulatory system designed so that victims fall through the gaps, while banks are permitted to operate above the law. Joining us this week is former Met Detective and victim of RBS GRG’s long-running scheme to defraud its SME customers, Andy Keats, and researcher & campaigner, Joel Benjamin.