UK

Bad wealth made good: how to tackle Britain’s twin faultlines of low growth and rising inequality

In the run-up to the 2024 election, future prime minister Keir Starmer labelled wealth creation Labour’s number one mission. “It’s the only way our country can go forward,” he declared. “We should nourish and encourage that – not just individuals but businesses.”

Starmer was right, in theory. But wealth creation is a slippery concept. Essential for economic and social progress, it can also work against both. It’s therefore vital to distinguish between “good” and “bad” wealth.

The UK’s wealth ‘timebomb’ – and how to defuse it

When the full, unexpurgated diaries of the Conservative MP Sir Henry “Chips” Channon were published in 2021, these disarmingly frank accounts of his aristocratic life in mid-20th century Britain caused a stir. They revealed the inner thoughts of a renowned social climber and rightwing snob, whose political career never recovered from his record as an appeaser of Nazi Germany.

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