The prevailing fiction of our times is that the private sector is better at running things than the public sector. This has been the ideology we’ve lived under since Margaret Thatcher. And despite evidence to the contrary, politicians in Labour, Conservatives and the Liberal Democrats all seem wedded to it.
Cuts in the UK have harmed many of the most disadvantaged, including people who are disabled or low-paid. If a Conservative-led government takes power, further reductions and privatisation are likely to have a harsh impact on middle-income households too.
Income inequality has been growing for decades in the UK, extensive evidence reveals. In recent years, so-called ‘austerity’ has served as a smokescreen for even more wealth to be transferred to a handful of millionaires.
Low share prices when the UK government privatised Royal Mail cost the taxpayer around £1 billion, a parliamentary committee has reported. Meanwhile the National Health Service and social services are in financial crisis.
When the Soviet Union collapsed a small group of people suddenly became extremely rich. They acquired huge State industries at ridiculously low prices. The people referred to this process as "prikhvatizatsiya," or "grabification."