MENU
UK Parliament

Boris Johnson and other top British politicians have become ‘ushers and butlers’ for the world’s super-rich, claims new report

  • Politicians are acting like ‘ushers and butlers’ for the world’s super rich 
  • Report found they welcome ultra-rich to the capital’s most expensive areas
  • But poor and middle classes are being pushed out by the very wealthy
  • Councils accused of investing in the rich while neglecting social housing
Politicians including London Mayor Boris Johnson are acting like 'ushers and butlers' for the world's super rich as they welcome them to the capital's most expensive areas, according to a new report
Politicians including London Mayor Boris Johnson are acting like ‘ushers and butlers’ for the world’s super rich as they welcome them to the capital’s most expensive areas, according to a new report

Following a two-year study of London’s super rich neighbourhoods, researchers from Goldsmiths, Sheffield and York universities say the extremely wealthy are taking over the capital at the expense of housing for the poor and middle classes.

The report’s authors found that London has become one of a just a few cities which have become ‘havens’ for the very wealthy as central and local government not only give in to their demands but positively encourage them to settle in the UK.

The report found that as local councils allow the very rich to build massive mansions and extending their properties in every way possible, house prices are being driven up – leaving the ‘majority of precarious white collar and manual service class workers unable to afford a mortgage’.

The Observer reports those less well-off are being pushed out of the London housing market by the thousands of ultra-rich who have assets of at least £21m, along with the 80 billionaires who now live in the city.

To carry out their study the research team identified a set of locations containing wealthy and influential individuals including business people, bankers, senior managers, top lawyers, surgeons and civil servants as well as celebrities.

It found that while these locations cover just 3.5 per cent of all households and 4.3 per cent of all individuals in Britain, they are all concentrated in these key areas in London.

 The researchers wrote: ‘The real wealth and power of global capital is expressed in the compliance of politicians who have come to act as ushers and butlers to the wealthy, often in the service of foreign sovereign and high net private wealth [individuals] … The mayor of London, Boris Johnson, has been a notable cheerleader for the super-rich in this regard.’

Calling affluent areas such as Knightbridge, Mayfair and and Kensington ‘alpha territory’, the report went on to add that politicians’ deference to the super-rich led them to see the poor as ‘inefficiently placed’ in prime neighbourhoods – and a deterrent to foreign investment.

Following a study of London's super rich neighbourhoods, researchers from Goldsmiths, Sheffield and York universities say the very wealthy are taking over at the expense of housing for the poor and middle classes


 In central London figures show overseas buyers bought as much as 85 per cent of ‘prime’ properties worth a minimum of £5m in 2012-13 and nearly all of those worth more than £10m, according to estate agents LPP.

The report concluded that the city’s poor have seen their living conditions ‘attacked in the name of austerity programmes, through welfare spending caps, bedroom taxes and state-led gentrification and clearance of the last filaments of affordable and public housing in more expensive areas’.

‘The city appears to have sold its poorer residents down the river (almost literally, as many are displaced to properties beyond the capital) while opening its arms [to the global super rich],’ the researchers say.

The researchers also highlighted the fact that the royal borough of Kensington and Chelsea granted permission for 450 ‘mega-basement excavations’ in 2013, compared with 46 in 2001, while planning to build no new social housing.

The council instead decided to invest a ‘modest’ £2.9million in a Peabody Trust Housing project which will provide 112 homes.

A council spokesman said: ‘Despite being the most expensive borough in London, almost a quarter of all homes are social housing, and the council is working hard to deliver more affordable homes for those on low and middle incomes.’

The mayor of London’s office said Mr Johnson is on course to deliver 100,000 low-cost homes over his two terms.

The spokesman added: ‘The mayor has worked tirelessly for all Londoners and has overseen record levels of employment, with faster economic growth in the capital than in the UK as a whole.

‘He has launched numerous initiatives that are helping thousands of people into employment.’

http://www.dailymail.co.uk/news/article-3414494/Boris-Johnson-UK-politicians-ushers-butlers-world-s-super-rich-welcome-London-s-poshest-neighbourhoods-says-new-report.html

Leave a Reply

Be the First to Comment!

Help put the World to rights and leave a Comment

wpDiscuz
MENU
Powered by: Wordpress
%d bloggers like this: