Freaky in the FT

[Avon]

And again! Today, 12 July.

My letter is titled "Wealth has migrated away from ordinary people". As you can imagine the FT rather goes in to bat for those put-upon, internationally mobile, "high net worth" individuals who are supposedly doing so much for our economy and national life. I contest the idea by quoting the eminent late economist JK Galbraith who wrote the seminal book on the Wall Street Crash of 1929 and always said that it was the regular spendings of the working masses which motored the economy rather than the erratic luxury spending of the high-rollers. I point out the failure of Thatcherite "supply-side" economics over 45 years where it is assumed that if you give the rich everything they want they will do the business and the wealth will trickle down. It's notable for having done the opposite with the sixth-richest country in the world not so much a nation of shopkeepers as pizza deliverers.

That's nice, dear.