Sunday, February 12, 2006

Why did Blair lose in Dunfermline?

Why did Blair's New Labour party lose the Dunfermline byelection?

Is it because, under New Labour, Britain has copied the USA and the top people have become much, much richer, while the poor people in places like Dunfermline have been neglected.

The following is from a Leader in The Guardian, 11 February 2006.,,1707345,00.html

The fact that we have become uncomfortably used to hearing about huge executive salary increases does not make fresh examples any more easy to explain away, especially when the public purse is at stake.

Yesterday QinetiQ, an admirable technology company spun off from the Ministry of Defence, was launched on the stock markets with an initial valuation of £1.3bn, giving the chairman and chief executive capital gains of well over £20m each....

... in 2002 ... the US group Carlyle bought a 31% stake.

Research by Professor Robert J Gordon finds that despite the impressive surge in productivity in the US economy, real median earnings per hour have hardly increased at all in the past decade. Where have the fruits of the productivity miracle gone? He finds that it is not profits that have gained but that the top 10% of wage and salary earners have taken half of the income gains going back 40 years. And within these figures the top 1% gained more than the bottom 50%....

Gordon Brown is a fan of the USA.


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