The 2014 European election result was shaped by the anger of ordinary people who have been misused to pay the price of the banking crisis. In the UK the Tories threw them out of the basket, the LibDems assisted with a sheepish smile, and Labour promised that if they were in power they would be doing the same thing in any case.
The banking sector continues to be caught up in scandal after scandal, with no sign of reform or retribution beyond piffling fines. Other sectors, such as the energy industry, chase the banks’ scandalous profit levels by inflicting excessive prices on consumers.
According to the Sunday Times Rich List the richest 1,000 people have doubled their fortunes since the financial crash. While in the name of ‘Austerity’ the incomes of the 90% have been frozen or cut, and the prospect of retirement has been pushed further into the distance with less money.
Actually, it isn't just the 90% who have been screwed. Figures from the Paris School of Economics, giving the share of national income going to different groups, do show that the top 10% did very well in the 5 years leading to the 2008 crash. But dig a little deeper and you find some surprising figures.
The enrichment of the top 10% masks
- how exceedingly well the top 0.05% have done,
- how really well the top 0.1% to 0.05% have done,
- how rather well the top 0.5% to 0.1% have done.
- how really badly the top 10% to 5% did.