Socialist Worker

Crisis? No crisis for the rich

Issue No. 2209

Tory toffs keep rich friends close

The government has appointed Sebastian James to review how money is spent on schools.

He is group operations director of DSG International and an old Etonian.

He was also a member of the posh Bullingdon Club at the University of Oxford, as was David Cameron. He appeared in a notorious picture of the elite drinking society alongside Cameron.


Big bonuses rise for the already rich

The leaders of Britain’s top companies are taking home more money despite the economic crisis.

Their pay and bonuses went up by an average of 5 percent to more than £3 million over the last financial year.

The average salary for a chief executive is now £3.1 million—up by £150,000 this year.

The MM&K pay consultancy and the Manifest proxy voting agency found that some bonuses are as much as 300 percent of salaries.

Sale of luxury goods up as rich have more money to spend

As the rich get richer, their colossal spending is forcing up the price of luxury goods.

Items including Beluga caviar, Aston Martins and designer jewellery have gone up in price for the first time since the economic crisis began.

This is according to the Affluent Luxury Living Index, compiled by Stonehage, which gives financial advice to the super-rich.

The price of Beluga caviar has risen by 24.1 percent over the past year—100g costs £900. Fine wines are up 31.8 percent. The cost of a 24-hour concierge service is up by 15.2 percent after falling by 20.5 percent at the start of the recession.

Fortunately for them, the cost of other “essentials” has fallen. The cost of a full-time housekeeper fell by 5.6 percent over the past year, as did Westminster school fees, Botox and rent for a family home in Kensington and Chelsea.

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Tue 6 Jul 2010, 17:36 BST
Issue No. 2209
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