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Income inequality has been growing for decades in the UK, extensive evidence reveals. In recent years, so-called ‘austerity’ has served as a smokescreen for even more wealth to be transferred to a handful of millionaires.
Low share prices when the UK government privatised Royal Mail cost the taxpayer around £1 billion, a parliamentary committee has reported. Meanwhile the National Health Service and social services are in financial crisis.
When the Soviet Union collapsed a small group of people suddenly became extremely rich. They acquired huge State industries at ridiculously low prices. The people referred to this process as "prikhvatizatsiya," or "grabification."
George Osborne yesterday presented a budget founded in the determination to believe, if not six, at least two impossible things before breakfast.