This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/politics/2019/oct/31/corbyns-super-rich-targets-who-are-they-and-what-could-he-do
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
| Version 0 | Version 1 |
|---|---|
| Corbyn's super-rich targets: who are they and what could he do? | Corbyn's super-rich targets: who are they and what could he do? |
| (32 minutes later) | |
| Jeremy Corbyn has promised that a Labour government would go after super-rich people who exploit a “rigged system” to benefit themselves at the expense of the many. | Jeremy Corbyn has promised that a Labour government would go after super-rich people who exploit a “rigged system” to benefit themselves at the expense of the many. |
| The Labour leader named five members of “the elite” he would target if he becomes prime minister: Mike Ashley, the owner of Sports Direct; Crispin Odey, a hedge fund boss who made millions betting against the pound in the run-up to the EU referendum; Jim Ratcliffe, the chief executive of the petrochemicals company Ineos; Rupert Murdoch, who owns the Sun and the Times; and Hugh Grosvenor, the Duke of Westminster, who controls a large central London property empire. | The Labour leader named five members of “the elite” he would target if he becomes prime minister: Mike Ashley, the owner of Sports Direct; Crispin Odey, a hedge fund boss who made millions betting against the pound in the run-up to the EU referendum; Jim Ratcliffe, the chief executive of the petrochemicals company Ineos; Rupert Murdoch, who owns the Sun and the Times; and Hugh Grosvenor, the Duke of Westminster, who controls a large central London property empire. |
| “This election is a once-in-a-generation chance to transform our country, take on the vested interests holding people back and ensure that no community is left behind,” Corbyn said as he launched Labour’s general election campaign in south London. “Together, we can pull down a corrupt system and build a fairer country that genuinely does care for all.” | “This election is a once-in-a-generation chance to transform our country, take on the vested interests holding people back and ensure that no community is left behind,” Corbyn said as he launched Labour’s general election campaign in south London. “Together, we can pull down a corrupt system and build a fairer country that genuinely does care for all.” |
| Mike Ashley | Mike Ashley |
| Who is he? Ashley is the 74th richest person in the UK, with an estimated £2bn fortune. He owns a 62% stake in Sports Direct, which has 670 stores and employs about 17,000 people. He also owns the House of Fraser department store chain and Newcastle United football club. | Who is he? Ashley is the 74th richest person in the UK, with an estimated £2bn fortune. He owns a 62% stake in Sports Direct, which has 670 stores and employs about 17,000 people. He also owns the House of Fraser department store chain and Newcastle United football club. |
| The charge sheet Corbyn said Ashley was an example of a “bad boss” who exploits workers by using zero-hours contracts. He said one of Ashley’s employees had felt “forced to give birth in a warehouse toilet because she was terrified of missing her shift”. MPs have previously accused Ashley of running Sports Direct like a “Victorian workhouse”, after a Guardian undercover investigation in 2015 revealed conditions at its warehouse in Shirebrook, Derbyshire. The investigation discovered that Shirebrook workers were receiving effective hourly pay rates below the minimum wage. Sports Direct was fined and forced to make up the underpayments. | The charge sheet Corbyn said Ashley was an example of a “bad boss” who exploits workers by using zero-hours contracts. He said one of Ashley’s employees had felt “forced to give birth in a warehouse toilet because she was terrified of missing her shift”. MPs have previously accused Ashley of running Sports Direct like a “Victorian workhouse”, after a Guardian undercover investigation in 2015 revealed conditions at its warehouse in Shirebrook, Derbyshire. The investigation discovered that Shirebrook workers were receiving effective hourly pay rates below the minimum wage. Sports Direct was fined and forced to make up the underpayments. |
| What could be done? Labour has previously proposed banning zero-hours contracts, giving workers a guaranteed minimum number of hours’ work a week, lifting the minimum wage to £10 an hour and helping to prosecute exploitative bosses, in what it called the “biggest extension of workers’ rights” in British history. | What could be done? Labour has previously proposed banning zero-hours contracts, giving workers a guaranteed minimum number of hours’ work a week, lifting the minimum wage to £10 an hour and helping to prosecute exploitative bosses, in what it called the “biggest extension of workers’ rights” in British history. |
| Jim Ratcliffe | Jim Ratcliffe |
| Who is he? The UK’s third-richest person, with an estimated £18bn fortune, Ratcliffe is the founder, chief executive and 60% shareholder of the petrochemical company Ineos. Ratcliffe, 67, who was one the most vocal supporters of the Leave campaign in the 2016 Brexit referendum, is in the process of moving out the the UK to Monaco in order to save up to £4bn in tax. | Who is he? The UK’s third-richest person, with an estimated £18bn fortune, Ratcliffe is the founder, chief executive and 60% shareholder of the petrochemical company Ineos. Ratcliffe, 67, who was one the most vocal supporters of the Leave campaign in the 2016 Brexit referendum, is in the process of moving out the the UK to Monaco in order to save up to £4bn in tax. |
| The charge sheet Ineos is the biggest chemicals firm in the world and owns petrol refineries including Grangemouth in Scotland. His companies are responsible for about a third of industrial greenhouse gas emissions in Scotland, according to the Scottish Environmental Protection Agency. Ineos is also exploring the possibility of fracking for shale gas. At the Labour event, Corbyn asked: “Whose side are you on? The big polluters like Jim Ratcliffe, Britain’s richest man, who makes his money by polluting the environment? Or the children growing up in our cities with reduced lung capacity because of choking pollution?” | The charge sheet Ineos is the biggest chemicals firm in the world and owns petrol refineries including Grangemouth in Scotland. His companies are responsible for about a third of industrial greenhouse gas emissions in Scotland, according to the Scottish Environmental Protection Agency. Ineos is also exploring the possibility of fracking for shale gas. At the Labour event, Corbyn asked: “Whose side are you on? The big polluters like Jim Ratcliffe, Britain’s richest man, who makes his money by polluting the environment? Or the children growing up in our cities with reduced lung capacity because of choking pollution?” |
| Ratcliffe moved Ineos to Switzerland in 2010 in protest at the then Labour government’s tax regime. The relocation saved an estimated £400m in tax. He moved the company back to the UK in 2016 after the Conservatives had returned to power and cut corporation tax from 28% to 20%. At the time of the return, Ratcliffe said: “Our new base in London reflects our British roots. The future for Ineos is very bright and much of this optimism comes from our UK-based operations.” | Ratcliffe moved Ineos to Switzerland in 2010 in protest at the then Labour government’s tax regime. The relocation saved an estimated £400m in tax. He moved the company back to the UK in 2016 after the Conservatives had returned to power and cut corporation tax from 28% to 20%. At the time of the return, Ratcliffe said: “Our new base in London reflects our British roots. The future for Ineos is very bright and much of this optimism comes from our UK-based operations.” |
| What could be done? The UK has set a target to reduce carbon emissions to net zero by 2050, and Labour wants a target of as early as the 2030s as part of a “green new deal”. | What could be done? The UK has set a target to reduce carbon emissions to net zero by 2050, and Labour wants a target of as early as the 2030s as part of a “green new deal”. |
| After mini-earthquakes at a test drilling site in Lancashire, Labour called on the government to ban fracking, citing “fear, disruption and potential damage to property”. | After mini-earthquakes at a test drilling site in Lancashire, Labour called on the government to ban fracking, citing “fear, disruption and potential damage to property”. |
| Crispin Odey | Crispin Odey |
| Who is he? Odey is the founder of Odey Asset Management and one the country’s richest financiers, with an estimated £775m fortune, according to the Sunday Times rich list. He donated almost £900,000 to pro-Brexit campaigns and gave £10,000 to Boris Johnson’s campaign for the Conservative leadership. | Who is he? Odey is the founder of Odey Asset Management and one the country’s richest financiers, with an estimated £775m fortune, according to the Sunday Times rich list. He donated almost £900,000 to pro-Brexit campaigns and gave £10,000 to Boris Johnson’s campaign for the Conservative leadership. |
| The charge sheet Odey made £220m on the night of the 2016 referendum by betting against the pound and British companies. He placed the bets after his hedge fund bought private polling data from YouGov that suggested the leave campaign would win. He gloated the next day on the BBC: “There’s that Italian expression, il mattino ha l’oro in bocca – the morning has gold in its mouth – and never has one felt so much that idea as this morning.” | The charge sheet Odey made £220m on the night of the 2016 referendum by betting against the pound and British companies. He placed the bets after his hedge fund bought private polling data from YouGov that suggested the leave campaign would win. He gloated the next day on the BBC: “There’s that Italian expression, il mattino ha l’oro in bocca – the morning has gold in its mouth – and never has one felt so much that idea as this morning.” |
| Labour has accused Odey of continuing to bet against the pound and British companies. Corbyn said: “Greedy bankers like Crispin Odey … make millions betting against our country.” Odey dismissed the accusation as “crap” and said his fund was neutral on its outlook for the UK economy and British businesses. | Labour has accused Odey of continuing to bet against the pound and British companies. Corbyn said: “Greedy bankers like Crispin Odey … make millions betting against our country.” Odey dismissed the accusation as “crap” and said his fund was neutral on its outlook for the UK economy and British businesses. |
| What could be done? John McDonnell, the shadow chancellor, has demanded an inquiry into conflicts of interest among hedge funds that shorted the pound or UK shares in the run-up to a possible no-deal Brexit and donated to the Conservatives. | What could be done? John McDonnell, the shadow chancellor, has demanded an inquiry into conflicts of interest among hedge funds that shorted the pound or UK shares in the run-up to a possible no-deal Brexit and donated to the Conservatives. |
| Some countries have brought in temporary bans on short-selling of certain stocks, but it would be hard for a potential Labour government to introduce an outright ban on the practice. Financial experts said it would be easy to find a way around any restrictions by buying or selling stocks in other countries. A ban on currency trading or hedge funds would also be almost impossible as they would just shift overseas. A better option could be a tax on financial transactions, which McDonnell has backed in the past. | Some countries have brought in temporary bans on short-selling of certain stocks, but it would be hard for a potential Labour government to introduce an outright ban on the practice. Financial experts said it would be easy to find a way around any restrictions by buying or selling stocks in other countries. A ban on currency trading or hedge funds would also be almost impossible as they would just shift overseas. A better option could be a tax on financial transactions, which McDonnell has backed in the past. |
| Hugh Grosvenor | Hugh Grosvenor |
| Who is he? At 28 years old, the seventh Duke of Westminster is the the UK’s youngest billionaire and the 14th richest person in the country, with an estimated £10bn fortune. He inherited his wealth and title after the death of his father, Gerald Cavendish Grosvenor, in August 2016. The family paid no inheritance tax on the bulk of the fortune – which comes from vast property holdings across Mayfair and Belgravia – as most of the wealth had already been transferred to family trusts. | Who is he? At 28 years old, the seventh Duke of Westminster is the the UK’s youngest billionaire and the 14th richest person in the country, with an estimated £10bn fortune. He inherited his wealth and title after the death of his father, Gerald Cavendish Grosvenor, in August 2016. The family paid no inheritance tax on the bulk of the fortune – which comes from vast property holdings across Mayfair and Belgravia – as most of the wealth had already been transferred to family trusts. |
| The charge sheet The duke had been accused of “social cleansing” over a plan to evict 40 families from council homes in order to convert their block into posh flats. His property company Grosvenor wanted to demolish Walden House in Belgravia in order to build a new complex of high-end flats and shops. The building is owned by Grosvenor but historically has been leased to Westminster council for social housing provision. Corbyn described the duke as a “dodgy landlord” who had “tried to evict whole blocks of families to make way for luxury apartments”. | The charge sheet The duke had been accused of “social cleansing” over a plan to evict 40 families from council homes in order to convert their block into posh flats. His property company Grosvenor wanted to demolish Walden House in Belgravia in order to build a new complex of high-end flats and shops. The building is owned by Grosvenor but historically has been leased to Westminster council for social housing provision. Corbyn described the duke as a “dodgy landlord” who had “tried to evict whole blocks of families to make way for luxury apartments”. |
| What could be done? Grosvenor has said it will modify its plans and increase the proportion of affordable housing in the project. Local councils could be forced to demand more affordable homes. More generally, more could be done to tackle rogue landlords across the country by encouraging councils to take full advantage of government banning orders. In the first year of the scheme, just four landlords were placed on the database. | What could be done? Grosvenor has said it will modify its plans and increase the proportion of affordable housing in the project. Local councils could be forced to demand more affordable homes. More generally, more could be done to tackle rogue landlords across the country by encouraging councils to take full advantage of government banning orders. In the first year of the scheme, just four landlords were placed on the database. |
| Rupert Murdoch | Rupert Murdoch |
| Who is he? The 88-year-old Australian media mogul owns newspapers across the US, Australia and the UK, including the Sun, the Times and the Sunday Times. | Who is he? The 88-year-old Australian media mogul owns newspapers across the US, Australia and the UK, including the Sun, the Times and the Sunday Times. |
| The charge sheet Corbyn described Murdoch as a “billionaire media baron … whose empire pumps out propaganda to support a rigged system”. His red top newspapers were at the centre of the phone-hacking scandal, which led to the closure of the News of the World. | |
| What could be done? The Labour leader has previously set out plans to set free journalists from “billionaire press barons” and democratise news in the digital age. In a speech at the Edinburgh TV festival last year, Corbyn said that without “bold, radical thinking on the future of our media … a few tech giants and unaccountable billionaires will control huge swathes of our public space and debate”. | What could be done? The Labour leader has previously set out plans to set free journalists from “billionaire press barons” and democratise news in the digital age. In a speech at the Edinburgh TV festival last year, Corbyn said that without “bold, radical thinking on the future of our media … a few tech giants and unaccountable billionaires will control huge swathes of our public space and debate”. |
| Labour | Labour |
| Jeremy Corbyn | Jeremy Corbyn |
| General election 2019 | General election 2019 |
| Mike Ashley | Mike Ashley |
| Rupert Murdoch | Rupert Murdoch |
| The super-rich | The super-rich |
| analysis | analysis |
| Share on Facebook | Share on Facebook |
| Share on Twitter | Share on Twitter |
| Share via Email | Share via Email |
| Share on LinkedIn | Share on LinkedIn |
| Share on Pinterest | Share on Pinterest |
| Share on WhatsApp | Share on WhatsApp |
| Share on Messenger | Share on Messenger |
| Reuse this content | Reuse this content |
Previous version
1
Next version