Tory govt. under fire for ‘corrupt financial system’
A British political analyst has slammed government’s inaction to fight what he calls financial corruption in the country.
‘The UK is essentially the center of an overall corrupt financial system, which sucks wealth up to the one-percent and does not focus on using the money supply for spreading the productive capacity of everybody in the society… In actual reality, not only does the system fail economically, it fails in the administration and the avoidance of corruption,” Rodney Shakespeare told Press TV’s UK Desk.
His comments came in reaction to remarks by British Prime Minister David Cameron, who has vowed to act against corrupt foreigners who use “dirty money” to buy up luxury properties in the UK.
"London is not a place to stash your dodgy cash,” said Cameron during his speech in Singapore.
Shakespeare rejected Cameron’s comments, arguing that London “is a place for dirty money” with “thousands of new properties are going up in and around the new American embassy.”
“And locally, we are finding out that most of these properties cannot be inhabited by UK citizens. They had been bought by white-collar criminals laundering their money,” he noted.
The London-based political analyst blamed “dirty money” for the deepening housing crisis in the UK.
Earlier this year, the English Housing Survey revealed that home ownership among 25 to 34-year-olds has fallen sharply in recent years.
According to the study, home ownership among young adults has fallen from 59 per cent in 2003 to 36 per cent in 2013, showing that cash-strapped workers are forced to rent for longer.
Meanwhile, a YouGov survey has already indicated that half of British parents see no chance for their children to own a home without money from inheritance.
According to the research, about 49% of Britons believe their children will need money from them to get on the property ladder.
The poll also indicated that one in six people aged 25 to 34 who own a home used inheritance from a relative to buy property.
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