Showing posts with label Sir Ronald Cohen. Show all posts
Showing posts with label Sir Ronald Cohen. Show all posts

Thursday, June 21, 2007

Gap between rich and poor 'could cause riots'

One of Britain’s richest men has given warning that the gap between rich and poor could eventually lead to violence and rioting on the streets.
Sir Ronald Cohen, founder of Apax Partners, the private equity firm, and a close ally of Gordon Brown, said in an interview that if people are “left behind” in the race to accumulate riches, Britain could see a repeat of the Paris riots two years ago.

Sir Ronald Cohen , a big Labour donor who has an estimated £260 million fortune, highlighted his concerns about the future for Britain’s haves and have-nots, saying that the widening gap was "something to be concerned about".
He said: “Entrepreneurial economies which have high rates of growth and high rates of job creation do lead to great divergences in wealth.When economic situations get bad, it takes a spark to ignite a violent reaction.”
His spokesman told the newspaper later: “He was referring to how when people get left behind, when young men get left behind, for economic or welfare reasons, it can lead to violence, such as during the riots in Paris.”

As reported in the Daily Telegraph , of the 400 hundred people thought to be paid more than £10 million a year in dividends, interest, rents and profits , only 65 face income tax bills, according to figures obtained under the Freedom of Information Act.
We in the Socialist Party fully understand the frustrations of the working class when we all witness the inequalities of society , but we would counsel our fellow workers to use their political power to do away with Capitalism , rather than futilely take to the streets .