When millions are struggling with their living costs it makes no sense to widen the wealth gap rather than narrow it

In the Conservative manifesto of 2019, there is not a single suggestion that the party would abolish the cap on bankers’ bonuses that was introduced after the 2008 financial crisis. The absence of such a commitment is hardly surprising. Even to have hinted at such a move would have been electorally damaging to the Tory party, especially in the wake of the austerity years in which most people’s real wages had continued to fall steadily below pre-crisis levels.

Even more important, it would have blown a hole in the central promise of Boris Johnson’s campaign. Levelling up the country in the wake of Brexit was the cornerstone of his manifesto. Although vague in far too many ways, levelling up represented a turn away from the myth that the prosperity of the rich would somehow water everyone else’s gardens. The electoral appeal of the policy turn was huge. Thousands of low-income voters embraced the Tory party, helping Mr Johnson to an 80-seat victory.

Continue reading…

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Football must finally take a stand against antisemitism | Daniel Harris

The game’s stakeholders must meet with Jewish bodies to take guidance and…

McDonald’s offered Met police cheap burgers and free drinks during XR protests

Exclusive: McDonald’s franchises also granted use of toilets during October 2019 London…

From Bake Off woes to Zoom fiascos: 2020 in lists

The year’s cultural highs and lows, featuring Gal Gadot’s Imagine, terrible lyrics…

US Covid death toll expected to reach half a million within 24 hours – live

Trump to tell CPAC he is ‘presumptive 2024 nominee’ – report Merrick…