Click here for Part One
From London and its most gentrified and fake, we go the city at its poorest and most raw.
Leaving gentrified Bermondsey, we went to visit another friend. We knew Compadre #2 from school days in Somerset, when she was a warm, caring, alternative type who wrote and sang her own songs. She still is warm, caring and alternative, thankfully, but has chucked in the guitar and the lashings of emo-standard black eyeliner for a job in a small music promotions company.
It’s laughable to look back on now – especially given where we’d just come from – but at school we called her ‘posh’. She lived in a slightly nicer part of town and her dad had a reasonably well-paid job. In truth, they were just about middle class, and probably didn’t bring in a whole lot more than the average household income.
Now she lives in Tower Hamlets, one of the most glaringly unequal parts of the country, let alone London. It’s hugely deprived – 42% of its children are impoverished, the highest proportion anywhere in Britain, and its richest inhabitants live about 11 years longer than its poorest ones. But it’s just a few minutes east of the oligarch’s den itself, the City, and the gleaming phalluses of the bank buildings dominate the horizon. A relatively small number of super-rich residents pull the borough’s average income up to £58,000 a year – the second-highest in the country – and its proximity to the biggest financial hub outside Wall Street gives it an economy worth £68bn. Its house prices have gone up a mind-bending 43% since last year. Continue reading “London Isn’t Very Equal (Part Two) – To Tower Hamlets”