The people who have, in relative economic terms, had the worst decade since the financial crash are the middle class.
Benefit payments, tax cuts and a rising minimum wage have meant that the least well off in society have actually increased their share of national income - as have pensioners - protected by the triple lock - and the fact that Governments know they vote. All this is good - though unfortunately in a time of austerity relative progress does not make people well off in absolute terms.
The middle class on the other hand have done particularly badly . Who are they? The IMF helpfully defines them as those earning between 75% and 200% of median incomes which in the UK is roughly an income of between £20,000 and £50,000 a year - so it is quite a lot of us - the majority in fact.
The middle class have suffered a sustained squeeze on their economic well-being. Stagnant real wages, higher taxes, and rising job insecurity have combined with a decline in the things they felt were part of the deal such as good schools and hospitals and the salary benefits of a university degree. Together these factors have compounded to create a sense that all is not well.
The real difficulty though is that this rotten decade has not been shared by those at the very top. Yes, it is not just in Britain but Britain is one of the countries where there has been rising house and share prices which benefit those who are already wealthy. Capital Gains Tax rates have been cut. Inheritance Tax is easily avoided by giving away your assets before you die - which only the most wealthy can afford to do. Salaries at the very top of industry and many other walks of life are frankly disgusting.
The result, to turn on its head a well know George Osborne phrase, is that there is a deep sense across much of society that we are not all in it together. If those who have been the backbone of a society’s institutions feel that times are difficult for them and their families but not for those at the top the effect is highly corrosive.
Politicians of right and left make progress at the expense of those at the centre. People vote for things - Brexit, Corbyn’s Labour, Independence for Scotland - which will in fact make them poorer because they just want change and they want to kick what they see as an over mighty and over enriched establishment.
To reverse the drift towards a nastier type of politics, as well as a meaner and poorer society, those at the centre of power need to wake up and put some fairness back into the system.
We have got to stop the rising burden of tax on incomes and balance that by taxing wealth rather more - not out of a desire for revenge but just because it’s fair. British people who move their residency to Monaco or other places where they pay little tax - but keep open the option of coming back when they get old or sick or the place where they have slunk off to has a change of regime - should have to pay British taxes or lose these benefits. That’s what the Americans do to their citizens.
If the establishment does not act to deal with the legitimate concerns of those who feel left behind while an elite sails on there will be a nasty consequences. Brexit is hogging the time and attention but there are more important things to focus on.
Pinstripe is a senior member of Scotland's financial services community.
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