It's official: it's 1/99

Back in the 60s a group of socialist actors, led by the playwright John McGrath, gave itself the name "The Seven Eighty Four Theatre Company". The name was based on the way wealth was apportioned in Britain at the time, ie 7% of the population owned 84% of the wealth. I happened to run into John McGrath in the early 80s and he told me the figure was then more like 4/91.

Today OXFAM announced that, world wide, that figure is now 1/99. Even more amazingly, just 62 individuals control more wealth than the poorest 3.5 billion people on Earth. These individuals, mainly Russians, Arabs, Chinese and Americans (and a smattering from elsewhere) are the real world leaders. They control what happens in the world, while the rest of us lick the crumbs from their tables. For example, the mighty Port Talbot steel works, once the biggest in Europe, has had to lay off 700 of its workforce because of the massive dumping of steel  by the Chinese, at knock-down prices, on the markets, meaning it is now almost impossible to turn a profit in the steel making industry. My first thought about that, considering the price of other "hards" as they call metals in the stock market, have also plummeted, perhaps now they'll stop stealing copper wiring, pealing the lead off church roofs and melting down much loved sculptures from parks.

Over the weekend Jeremy Corbyn suggested companies should be prevented from paying dividends to their shareholders until they pay all their workers at least the living wage. Naturally it was   attacked as a piece of naked communism by the Daily Mail et al, but actually it seems eminently sensible to, well, anyone currently languishing on the lower minimum wage. Those shareholders aren't going to give up a percentage point or two of their unearned profits without a fight. So be it.

A few years ago someone put forward the idea of a "Robin Hood" tax  of 0.7% on all transactions in the City. As trillions of pounds wash through the Square Mile every day, even this tiny percentage would generate billions, hopefully to be used to alleviate world poverty and generally make it a more equitable place to live in. Of course the idea was trashed and has little chance of coming about in my lifetime. Meanwhile, the 62 "super-oligarchs" go on getting richer, at your expense and mine, and all we can do is watch. Capitalism works, for them and the 1%. For the rest of the world, it sucks.