The Palace of Westminster needs £4bn in repairs, and will probably get them. It’s another reminder of the thoroughgoing rubbishness of the case for austerity.
For years, the message beamed down from Whitehall has been that past governments spent too much. The country was in too much debt, and, as a result, there had to be massive cuts in public spending.
In fact, austerity has always been about the neoliberal power elite restructuring society in its own interest. The cuts overwhelmingly fell on services ordinary people depended on – and that rich people could make a lot of money out of if they were privatised.
The much-banged-on-about ‘deficit’, the gap between what government spends and what it brings in in taxes, is about £69bn. That sounds like a lot of money. But between 2009 and 2015, the wealth of the richest thousand families in Britain rose by 112% to £547bn. ONS figures from 2014 put the UK’s total private wealth at £11.1trn – and estimated the richest 10% of households owned about half of that. The same year, Bank of England economists estimated UK corporations were sitting on £500bn that they were refusing to invest. Continue reading “Let’s not repair parliament”