Skip to main content
The Morning Star Shop
Workers are paying for the pandemic, but paying the financiers’ premium is a step too far
We are already 'paying back the debt' of Covid-19 but the government is now trying to extend that to us paying off the Bank of England too. That's completely unnecessary, explains FAWZI IBRAHIM

THE CHANCELLOR says that there will be a day of reckoning — sooner or later the debt must be reduced and the money borrowed paid back, that there will be a price to pay. There is indeed a price that has to be paid, but it’s not the price the chancellor has in mind.

There is always a cost when a vast amount of national wealth has either been destroyed or not materialised, as is the case with the pandemic and the lockdown. It is a price that the working class is paying now and will continue to do after the pandemic has been conquered as the wealth creators replace the wealth that has been lost.

The idea that such pain can be offloaded onto the money-wealthy millionaires through a wealth tax is a fantasy. A wealth tax merely distributes wealth, it does not create it.

The 95th Anniversary Appeal
Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
Similar stories
A tanker from Thames Water,  August 10, 2022
Privatisation / 12 August 2025
12 August 2025
DWP chief Liz Kendall
Features / 9 February 2025
9 February 2025
DR DYLAN MURPHY challenges the idea that social security places an economic burden on the public
Chancellor of the Exchequer Rachel Reeves at the Confederati
Features / 14 January 2025
14 January 2025
Instead of responding to changed circumstances by adjusting policy, Reeves is using fiscal ‘rules’ as an excuse to force government departments to make even deeper cuts than she had already flagged, says CLAUDIA WEBBE
Chancellor of the Exchequer Rachel Reeves at the Confederati
Features / 9 January 2025
9 January 2025
Labour’s ex-banker Chancellor plans deregulation while City profits soar and customers suffer — between money laundering scandals and the exploitation of Covid loans, it’s clearly time to end this madness, says BERNIE EVANS