RISING PROFITS

If real wages are falling in relation to the wealth produced, the opposite is happening on the profits front. A good example of the fabulous wealth of the capitalist class can be seen from the frenzied bidding going on at London art sales. A painting by Francis Bacon fetched £21.58 million, a Lucian Freud went for £7.86 million and a Damein Hirst medicine chest sold for £9.65 million. "The frenzy of art buying offered more evidence of the widening gulf between London' super-rich and the rest of the country. This week it was revealed that only a fraction of the 400 people earning £10 million or more in Britain pay income tax, while the number of individuals earning £500,000 has swelled by nearly 60 per cent in the past four years." (Times, 23 June) RD