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Gifts from The Morning Star
Workers are paying for the pandemic, but paying the financiers’ premium is a step too far
We are already 'paying back the debt' of Covid-19 but the government is now trying to extend that to us paying off the Bank of England too. That's completely unnecessary, explains FAWZI IBRAHIM

THE CHANCELLOR says that there will be a day of reckoning — sooner or later the debt must be reduced and the money borrowed paid back, that there will be a price to pay. There is indeed a price that has to be paid, but it’s not the price the chancellor has in mind.

There is always a cost when a vast amount of national wealth has either been destroyed or not materialised, as is the case with the pandemic and the lockdown. It is a price that the working class is paying now and will continue to do after the pandemic has been conquered as the wealth creators replace the wealth that has been lost.

The idea that such pain can be offloaded onto the money-wealthy millionaires through a wealth tax is a fantasy. A wealth tax merely distributes wealth, it does not create it.

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