Tag Archives: financial-services

Gideonics

Jonathan Calder points us to a fascinatingly revealing quote from Gideon Osborne:

“Of course we want a very dynamic and successful City of London. But Britain cannot just be the City of London and then 50-odd million people living off the back of those who work in financial services.”

This line has clearly been carefully crafted to simultaneously look like a genuine concern for the poor, while making it absolutely clear to the city that the Tories not only are not having a go at it, but consider it to be the main source of wealth. According to this rubric, a speculator who has been profiteering on the selling on of financial products based on unsecured loans to the poorest in society is creating wealth, while someone who works a 48 hour week in a factory (longer, if Gideon and John Redwood have anything to do with it) is a parasite. The conclusion is that the rich City stoke broker must pay less tax while the “recipient” (i.e. everyone else) should be prepared to make up the shortfall.

This really is the world turned upside down. I’m looking forward to the Jock Coats response.