Tower Hamlets is, at the same time, one of the richest and one of the poorest parts of Britain. It has the highest rate of child poverty in the country and yet the average salary of those who work in the borough is £58,000, the second highest in the UK after the City of London. This is a place where many kids sleep six to a room yet the borough has an economy worth more than £6bn a year, higher than places such as Malta or Monaco. We were told by the Thatcherites of the 80s that wealth would trickle down.
Tower Hamlets is proof positive that it doesn\’t. If anything, it flows the other way. Have a walk around Bow and Whitechapel and Bethnal Green. Then go to the great glass towers of Canary Wharf, still in the borough but in all other ways another world completely. No, wealth is sucked upwards, it doesn\’t trickle down.
The poor in Tower Hamlets are sending money to those bankers how? I\’m afraid I can\’t see the mechanism.
A typical City deal would be something like listing a Kazakh miner. Or an Indonesian coal miner. Perhaps arranging a bond issue for a Swiss company. Just how is it that a poor person in Tower Hamlets is passing wealth upwards to the bankers in doing that?
Doesn\’t seem to work, does it?