The Tory exchequer has roughly four times as much money at its disposal as it did six decades ago. Yet, Britain’s richest 1% has as much wealth as the poorest 57% combined. When Theresa May says capitalism is the “greatest agent of collective human progress ever created”, what she really means is that it is the best model through which her class is able to financially enrich themselves by manipulating the institutions of society.
Ever since the Global Financial Crisis, living standards have split between those who own their own home and those who do not. Inability to find work is no longer an indicator of poverty. In fact more than half of those living in poverty come from a household where someone is in work. The property-owning democracy was meant to make people more conservative, but the rise in home ownership exacerbated the rise in inequality. What effect its reversal might have on our politics is anybody’s guess.
Are we better off today than back in the 1970s? The obvious answer would appear to be yes…but is having a lot more stuff now than back then, is that really what ‘better off’ means?