How the super-rich are trying to distract us with hate

Whilst life gets harder for the rest of us, with energy bills soaring, childcare costs increasingly out of reach, and home ownership becoming a fantasy for many, the super‑rich keep getting richer, faster than ever.

Whilst the rest of us watch in horror at the loss of life in Ukraine, Iran, Palestine, Lebanon, and beyond, billionaire CEOs, arms‑industry shareholders, oil and gas companies and their financiers are all watching something else entirely: their profits. BAE Systems’ share price has surged over 300% in the last five years; Rolls‑Royce’s has skyrocketed over 1000%. BP, Shell, Chevron, ExxonMobil and TotalEnergies have had a bonanza, recording close to half a trillion dollars in profit between them since 2022— a direct result of the average UK energy bill climbing 42% across the same period (and that was before the new Iran crisis).

Whilst the rest of us brace for yet more horror, and yet another oil and gas shock, they’ll be rubbing their hands. Because whilst we’re battered and made poorer by pandemics, wars and crises we didn’t create, a tiny few always cash in on the chaos. And whilst the rest of us try to hold our communities together, that same greedy minority of super rich are trying to distract us wiht hate, because they’d rather have us turn on our neighbours, than question them picking our pockets.

Why do you think we hear so little about taxing the rich, about wealth inequality, about tax dodging, about offshore banking, about the profit extraction that’s hollowing out our communities?  Because billionaires and mega‑corporations own the vast majority of UK newspapers, and major social media platforms. And they’d much rather we argue about immigration or people marginalised in society, than ask questions about their wealth, their power, or their tax bills.

We saw it with Jim Ratcliffe: the ultra‑rich, tax‑dodging elite are desperate to point the finger at migrants. Scapegoating the vulnerable is a convenient distraction from their own behaviour. That’s why some of the richest men on the planet are bankrolling the far right (usually from tax-free offshore bases), in the US, in France, in Germany, and right here in the UK.

Just look at the world’s richest man, Elon Musk. Far‑right agitator Stephen Yaxley Lennon (Tommy Robinson) has claimed Elon Musk helped cover some of his legal costs—and Musk even beamed into one of his rallies. And after a suspected fallout with Nigel Farage, Musk has now thrown his support behind the increasingly extreme-right Restore Britain, led by Rupert Lowe. The message is clear: the mega‑rich see hard‑right politics as a good investment to protect their interests.

We have to stand up and be counted to win a fair tax system that can help build an economy for all of us. That’s why adding your name to the petition, joining our People’s Lobby and continuing to raise our voices every day is so important. Because that’s what helps build our strength to take on the minority of the greedy super-rich, to tackle inequality, and build a better future for us all.

We know that a 2% tax on extreme wealth on fortunes over £10 million would raise £24 billion every year. It would make sure those making millions from stocks and shares in fossil fuels would start to pay their fair share in tax to help insulate homes and cut heating bills for the rest of us; that those who’ve inherited private art galleries and classic car collections keep public art alive and trains and buses running for the next generation; and that those living in mansions, bought from the profits from our rents on their massive property portfolios, chip in a fair amount of tax to make homes affordable again.

We can’t afford to hate. But if we tax wealth properly, we can afford to hope again.