Russian and Indian, two Ruler Class/ Richest of Britain

[Kyusuibu Honbu]

How is this topic world affairs

 

[Alchemy]

Whats So Surprising When some Italian Accounts for 25% of the Indian Rich...

 

[Hello_10]

it is found, whenever Indian government put control on corruption, Italian economy goes down. like, since Mr Anna Hazare came in light, since then Italian economy in on downfall...

for example, see this Gold Medalist in corruption, for becoming the World Record Fastest Billionaire

Sonia Gandhi’s son in Law (Robert Vadra), the fastest Billionaire......

An explosive story on Indian corruption – Robert Vadra « Follow The Money

Italy generally beg to China for hardly $50bil-$100bil help while "Sonia Ministry" scored around $200bil in the recent Coal Scam in 'One Go'.......

Italy’s centre-right government is turning to cash-rich China in the hope that Beijing will help rescue it from financial crisis by making “significant” purchases of Italian bonds and investments in strategic companies.

Italy turns to China for help in debt crisis - FT.com

Coal Mining Scam or Coalgate is allegedly a corruption scandal in which the Comptroller and Auditor General of India (CAG) office accused the Government of India for providing the nation's coal deposits to private and state-run entities in an irregular and arbitrary manner instead of publicly auctioning them off to the highest bidder, resulting 1,067,000 crore (US$193.13 billion) losses from 2004-2009.[1][2][3] It is called by the media as the Mother of all Scams.[4][5]

Coal Mining Scam - Wikipedia, the free encyclopedia

and just imagine the different corruption cases on the Congress ministers, like recent $200bil coal scam and the result is as below:

Wikipedia Says: Sonia Gandhi Has 18.66 Billion Dollars In Swiss Bank Accounts

Wikipedia Says: Sonia Gandhi Has 18.66 Billion Dollars In Swiss Bank Accounts : Indian Youth Magazine | Cupidspeaks.com

New Delhi, Aug.8 (ANI): The opposition has flayed the UPA-II Government over its failure to table the report on the coal scam.

Documents reveal that the Comptroller and Auditor General's (CAG) report on the alleged scam into coal block allocation was submitted to the President eleven days before the budget session had ended earlier this year.

Despite that, it was not put forward before the Parliament.

Opposition flays UPA Govt. over delay in tabling coal scam report

 

[Hello_10]

double post

 

[Hello_10]

I wonder ..who is poorest class in UK?

British blame immigration itself for impoverishing them, like the recent report as below:

How Immigration Has Impoverished Britain

Claims that immigration is economically beneficial for Britain have been destroyed by news that three-quarters of Pakistani and Bangladeshi children in the UK are being brought up in families that are living on poverty-level income.

The report, issued by Millennium Cohort Study, which is tracking children born between 2000 and 2002, has found that 73 per cent of the Pakistani and Bangladeshi seven-year olds were in families estimated to be living on less than 60 per cent of the average national household income.

Just over half of the black children (51 percent) in the Millennium cohort were in such low-income families, compared with one in four white (26 percent) and Indian (25percent) children, said an official press release.

“Predictably, low income was strongly linked to joblessness among parents, say researchers at the Institute of Education, University of London, who collected information from almost 14,000 families in England, Scotland, Wales and Northern Ireland in 2008/9.”

According to the report, among fathers, Pakistanis and Bangladeshis had the highest unemployment rate (15 percent) – well above the UK average of 6 per cent. Unemployment among black fathers was also high (11 percent) but Indians were less likely to be unemployed (4 percent) than whites (5.5 percent).

Almost two-thirds (64 percent) of white and Indian mothers had jobs, compared with half (52 percent) of black mothers and only 17 per cent of Pakistani and Bangladeshi mothers.

A much higher proportion of children in lone-parent families (63 percent) were living below the study’s poverty line than those with married (16percent) or cohabiting (30 percent) parents.

“The incidence of income poverty for the Millennium cohort families has not changed appreciably over the first seven years of the children’s lives,” says Professor Heather Joshi, the study’s director.

“Despite government efforts to eradicate child poverty almost three in 10 children are still in poor families at age 7. It’s particularly disappointing that around one in five seven-year-olds is in severe poverty – on incomes below half the national average.”

The findings appear in a report published today by the Institute of Education’s Centre for Longitudinal Studies: Millennium Cohort Study, Fourth Survey: A User's Guide to Initial Findings. Copies of the report can be downloaded here.

British National Party

 

[Hello_10]

Income inequality growing faster in UK than any other rich country

Top 10% have incomes 12 times greater than bottom 10%, up from eight times greater in 1985, thinktank's study reveals

Income inequality among working-age people has risen faster in Britain than in any other rich nation since the mid-1970s, according to a report by the OECD.

The thinktank says the gap has come about due to the rise of a financial services elite who, through education and marriage, have concentrated wealth into the hands of a tiny minority.

Economists from the group, which is funded by developed-world taxpayers, say the annual average income in the UK of the top 10% in 2008 was just under £55,000, about 12 times higher than that of the bottom 10%, who had an average income of £4,700.

This is up from a ratio of eight to one in 1985 and significantly higher than the average income gap in developed nations of nine to one.

However, the report makes clear that even in countries viewed as "fairer" – such as Germany, Denmark and Sweden – this pay gap between rich and poor is expanding: from five to one in the 1980s to six to one today. In the rising powers of Brazil, Russia, India and China, the ratio is an alarming 50 to one.

The OECD warned about the rise of the top 1% in rich societies and the falling share of income going to poorer people.

This trend is especially pronounced in Britain, where the dramatic rise in inequality has been fuelled by the creation of a super-rich class. The share of the top 1% of income earners increased from 7.1% in 1970 to 14.3% in 2005.

Just prior to the global recession, the OECD says the very top of British society – the 0.1% of highest earners – accounted for a remarkable 5% of total pre-tax income, a level of wealth hoarding not seen since the second world war.

At the same time as accumulating great wealth, the rich have seen tax rates fall. The top marginal income tax rate dropped from 60% in the 1980s to 40% in the 2000s, before its recent increase to 50%.

The buildup of riches was partly economic: the higher-paid worked longer. Since the mid-1980s, annual hours of low-wage workers remained stable at around 1,050, while those of high-wage workers rose almost 10% to 2,450 hours.

But the concentration of resources in the highest rungs of Britain's society was also a social phenomenon. Unlike in many other nations, the earnings gap between the wives of rich and poor husbands in Britain has grown from £3,900 in 1987 to £10,200 in 2004.

Although the OECD figures stop just before the recession, experts say the trend continued into the downturn.

Paul Johnson of the Institute for Fiscal Studies said that in the UK "2009-10 incomes went up incredibly fast (at the top end) possibly because the new top rate of tax was coming in".

He pointed out that the growth in the City and bankers' bonuses had played a large part in creating this divide. "If you look at who is racing away, then half the top 1% of high earners work in financial services," he said.

He cited the research of Mark Stewart, a professor of economics at Warwick University, who has shown that "almost all the increase in inequality has come from financial services" in the past 12 years.

Such disparities, the thinktank said, could not be blamed on globalisation but a trend in labour and social policies in rich nations that had helped the wealthy.

Although spending on public services in Britain had gone up in the past decade, at the same time benefits to the poor were worth less and taxes were less redistributive.

The effect has been a dramatic weakening in the state's ability to spread wealth throughout society. From the mid-70s to mid-80s, the tax-benefit system offset more than 50% of the rise in income inequality. It now manages just 20%.

The OECD warned of sweeping consequences for rich societies – and pointed to the rash of occupations and protests, especially by young people, around the world. "Youths who see no future for themselves feel increasingly disenfranchised. They have now been joined by protesters who believe they are bearing the brunt of a crisis for which they have no responsibility, while people on higher incomes appeared to be spared," the OECD said.

It was a paradox, said the OECD, that such moves had not been grounded in popular support. Michael Förster, author of the OECD's Divided We Stand report, said: "In almost all countries apart from the US and Japan, more than 50% of people say that inequality is too high. In the UK, it is 65% so I think everyone agrees it is a problem."

To rebalance society "for the 99%", the authors call for a series of measures focusing on job creation, "increased redistributive effects" and "freely accessible and high-quality public services in education, health and family care".

When it was pointed out that British government plans would instead lead to public sector job cuts of 710,000, more child poverty and a hike in university fees, the OECD's authors said debt was an issue for governments but urged them "not to cut social investments".

Monika Queisser, the head of OECD's social policy division, said: "The OECD agreed that fiscal consolidation was important. We want to governments to see social expenditures as investment so we would want to see, say, early years [funding] rising."

Income inequality growing faster in UK than any other rich country, says OECD | Society | The Guardian

 

[Hello_10]

Can't buy a home in Mumbai? Blame the NRIs
June 17, 2012

Mumbai: If you're wondering why the property rates in Mumbai aren't going down, blame it on Non Residential Indians (NRIs). With the rupee falling against the dollar every day, Indians living abroad have increased their investment in the country and especially in Mumbai, meaning that the expected fall in property rates following the recent dry period in the real estate market has not materialised.

According to a real estate source, the real estate prices in Mumbai for a person staying in the Middle East are 25-30 per cent less than what an Indian would pay. Prakash Rohera of Khar-based Kkarma realtors said, "I know about clients from the Middle East and other western countries who were earlier ready to shell out Rs. 1 crore but have now hiked it to Rs. 1.30 crore. Some don't even mind going as high as up to Rs. 1.60 crore. NRIs are investing heavily in Mumbai."

"Just a few months ago, builders were chasing clients to buy property, and everyone was expecting the property prices to come down, but the uncontrollable inflation means that most builders are now getting calls from NRIs who want to invest. Why will builders reduce the prices when they are making their share of money anyway?" explained a broker, on condition of anonymity.

Meanwhile, a property exhibition that's being organised in Dubai later this week is already flooded with calls from Indian builders as well as NRIs. A spokesperson for the exhibition said, "The number of builders from Mumbai participating in the exhibition is 15 per cent higher than in earlier years. For NRIs, this is like a sale. The property price has fallen by nearly 25 per cent due to the devaluation of the rupee. We're expecting good business this time."

Manohar Shroff, secretary, Maharashtra Chamber of Housing Industry, Navi Mumbai, also claims the falling rupee is helping to boost the sale of properties in Mumbai. "The increased investment by NRIs has increased sales," he said.

Realty expert Ajay Chaturvedi opines, "There's a slowdown in many western countries, but their currency is still stronger than ours. The falling rupee is making it easy for NRIs to invest here. They all plan to return to India someday, so why not invest in Indian properties," he said.

Can't buy a home in Mumbai? Blame the NRIs | NDTV.com

 

[Hello_10]

Income inequality growing faster in UK than any other rich country

Top 10% have incomes 12 times greater than bottom 10%, up from eight times greater in 1985, thinktank's study reveals

Income inequality among working-age people has risen faster in Britain than in any other rich nation since the mid-1970s, according to a report by the OECD.

The thinktank says the gap has come about due to the rise of a financial services elite who, through education and marriage, have concentrated wealth into the hands of a tiny minority.

Economists from the group, which is funded by developed-world taxpayers, say the annual average income in the UK of the top 10% in 2008 was just under £55,000, about 12 times higher than that of the bottom 10%, who had an average income of £4,700.

This is up from a ratio of eight to one in 1985 and significantly higher than the average income gap in developed nations of nine to one.

However, the report makes clear that even in countries viewed as "fairer" – such as Germany, Denmark and Sweden – this pay gap between rich and poor is expanding: from five to one in the 1980s to six to one today. In the rising powers of Brazil, Russia, India and China, the ratio is an alarming 50 to one.

The OECD warned about the rise of the top 1% in rich societies and the falling share of income going to poorer people.

This trend is especially pronounced in Britain, where the dramatic rise in inequality has been fuelled by the creation of a super-rich class. The share of the top 1% of income earners increased from 7.1% in 1970 to 14.3% in 2005.

Just prior to the global recession, the OECD says the very top of British society – the 0.1% of highest earners – accounted for a remarkable 5% of total pre-tax income, a level of wealth hoarding not seen since the second world war.

At the same time as accumulating great wealth, the rich have seen tax rates fall. The top marginal income tax rate dropped from 60% in the 1980s to 40% in the 2000s, before its recent increase to 50%.

The buildup of riches was partly economic: the higher-paid worked longer. Since the mid-1980s, annual hours of low-wage workers remained stable at around 1,050, while those of high-wage workers rose almost 10% to 2,450 hours.

But the concentration of resources in the highest rungs of Britain's society was also a social phenomenon. Unlike in many other nations, the earnings gap between the wives of rich and poor husbands in Britain has grown from £3,900 in 1987 to £10,200 in 2004.

Although the OECD figures stop just before the recession, experts say the trend continued into the downturn.

Paul Johnson of the Institute for Fiscal Studies said that in the UK "2009-10 incomes went up incredibly fast (at the top end) possibly because the new top rate of tax was coming in".

He pointed out that the growth in the City and bankers' bonuses had played a large part in creating this divide. "If you look at who is racing away, then half the top 1% of high earners work in financial services," he said.

He cited the research of Mark Stewart, a professor of economics at Warwick University, who has shown that "almost all the increase in inequality has come from financial services" in the past 12 years.

Such disparities, the thinktank said, could not be blamed on globalisation but a trend in labour and social policies in rich nations that had helped the wealthy.

Although spending on public services in Britain had gone up in the past decade, at the same time benefits to the poor were worth less and taxes were less redistributive.

The effect has been a dramatic weakening in the state's ability to spread wealth throughout society. From the mid-70s to mid-80s, the tax-benefit system offset more than 50% of the rise in income inequality. It now manages just 20%.

The OECD warned of sweeping consequences for rich societies – and pointed to the rash of occupations and protests, especially by young people, around the world. "Youths who see no future for themselves feel increasingly disenfranchised. They have now been joined by protesters who believe they are bearing the brunt of a crisis for which they have no responsibility, while people on higher incomes appeared to be spared," the OECD said.

It was a paradox, said the OECD, that such moves had not been grounded in popular support. Michael Förster, author of the OECD's Divided We Stand report, said: "In almost all countries apart from the US and Japan, more than 50% of people say that inequality is too high. In the UK, it is 65% so I think everyone agrees it is a problem."

To rebalance society "for the 99%", the authors call for a series of measures focusing on job creation, "increased redistributive effects" and "freely accessible and high-quality public services in education, health and family care".

When it was pointed out that British government plans would instead lead to public sector job cuts of 710,000, more child poverty and a hike in university fees, the OECD's authors said debt was an issue for governments but urged them "not to cut social investments".

Monika Queisser, the head of OECD's social policy division, said: "The OECD agreed that fiscal consolidation was important. We want to governments to see social expenditures as investment so we would want to see, say, early years [funding] rising."

Income inequality growing faster in UK than any other rich country, says OECD | Society | The Guardian

few days we were talking that its the income inequality why we find growing hate for migrants in the countries like US/UK/Australia/Canada. one day I told to Australian politicians, "you talk so high on the international platform while more than 80% population of the city like Sydney are hardly labors, among the low income group while a migrant, having a high qualification from a high ranked Australian university is on more than twice income group? you can't hide the truth behind the 'Hate Crime' against the 'successful' migrants living in the countries like US/UK/Australia/Canada type Western countries. its not just the income inequality but also inequality of 'status' of people having White Collar Jobs Vs local whites doing Blue Collar jobs. is there any reason why local whites working in Work Shop, hate a high qualified professional sitting on the top floor of the same building, having Top qualifications from a very high ranked Australian university and ready to move different countries also, if he may get better opportunity there?????? you know, you dont stand in the category of these very 'successful' migrants, why you hate them.......

 

[Hello_10]

UK recession "now bites high earners"
14 September 2012

A third of higher earners have switched to cheaper supermarkets and dipped into savings to make ends meet, according to a report.

Almost one in seven across all groups cannot see a time when their income will cover their outgoings, rising to one in five among the most "stretched", found the bi-annual Axa Big Money Index.

Consumers have remained pessimistic about their situation in the six months to June and just 16% believe their financial situation will improve in the long term.

The "widespread pessimism" sees 28% cutting back on food spending and almost one in four forced to spend less on gas, oil and electricity. Even wealthier groups of people continue to switch to using cheaper supermarkets for basic food shopping.

This applies to a third (32%) of people in their 50s and 60s who are mortgage-free and have a high disposable income, described as the "exclusive lifestyles" group, and 25% of those in their 40s and 50s who have an above-average income, named the "successful security" group.

Almost a third (31%) of the exclusive lifestyles group have had to use savings to make ends meet, with 13% not opening bills until the final demand arrives. One in five people (20%) have stopped putting money into savings.

The YouGov survey also shows that around two-fifths (38%) believe that financial education should be part of the national curriculum.
Axa UK marketing director Cheryl Toner said: "A pattern of relentless economising has set in since our Big Money Index surveys began in early 2011, and it's showing no signs of easing.

"It's alarming to see that even those deemed untouchable, the more comfortable sectors, are now feeling the pinch. Severe cutbacks are evident almost regardless of affluence levels.

"However, it is encouraging to note that the younger population feels quietly confident, and that there is growing sentiment that better financial education and more personal responsibility is needed to take control of financial concerns."

Recession 'now biting high earners' - UK, Local & National - Belfasttelegraph.co.uk

 

[El Weirdo]

it just proves one thing that Indians- if given good infra and development opportunities- can become successful no matter where they are. While some people(considering other people from sub continent) will remain as it is no matter wherever they are.

U mean Leaches to the Social Welfare abroad by making babies like pancakes to get a bigger house from the State??
Yeah mate I know the kind... Infact there is one in the little town I live in... just showed hes a little cookoo and Got His mortgage paid off by the state , children allowance , a Nurse 2 hrs a day to make hher food and laundry etc , Gas heating bills , fuel for car .. free Medical for life.. All he do in the town is stick a bird feather in his cap and roam from morning to evening... we call him chacha for the craic

 

[KRAIT]

65 years ago no one would have ever thought this situation. Time is a cruel master. What a slap to Winston Churchill....

 

[Hello_10]

at the same time, see how this pig beg in India in behalf of his Voters.....

David Cameron delivers address at Infosys Bangalore: Full Text
July 28, 2010

The Tata Group is now the largest manufacturing employer in Britain. And more than 180 Indian companies have invested in our IT sector.

Indian companies employ 90,000 people in the UK. Many more jobs in Britain exist thanks to the activities of British companies in India. Now I want to see thousands more jobs created in Britain , and of course in India through trade in the months and years ahead. That is the core purpose of my visit. "

David Cameron delivers address at Infosys Bangalore: Full Text | NDTV.com

 

[Hello_10]

Lakshmi Mittal retains top spot in UK rich list for 7th year in succession

LONDON: Indian steel tycoon Lakshmi Mittal and his family retained their top spot as Britain's richest for the seventh year in succession while the combined worth of the country's 1000 wealthiest individuals defied double-dip recession to reach record levels during the last year.

Mittal, 61, and his family's worth came down by 4,814 million pounds, but they were still the richest in Britain with a net worth of 12.7 billion pounds, according to the Sunday Times Rich List, which annually releases the worth of Britain's wealthiest individuals.

Mittal is marginally ahead with the Russian iron ore magnate, Alisher Usmanov, who takes the second place with an estimated worth of 12.3 billion pounds.

Indian-origin industrialist brothers, Sri and Gopichand Hinduja were the fourth richest in the list with a net worth of 8.6 billion pounds, 'The Sunday Times' said in an advance release on Saturday.

The newspaper's research reveals that the rich got richer over the last year, despite a global recession - the combined worth of the country's 1,000 wealthiest people was 414 billion pounds, which is an increase from last year of 4.7 per cent.

Rich List compiler Philip Beresford told Sky News: "Obviously it's very difficult in this age of austerity...and the rich seem to be getting richer and richer. However, I would caution against bashing the rich because a lot of the people on this rich list are based here, they're investing in companies here, and if they get richer hopefully the rest of us will get a bit more prosperous on the rising tide of wealth."

The number of billionaires in the list is 77, with individuals needing to have at least 72 million pounds to make the top 1,000 individuals.

After Mittal and Usmanov, third on the list is Chelsea owner and oil baron Roman Abramovich, with a net worth of 9.5 billion pounds. The richest woman is former Miss UK Kirsty Bertarelli, with 7.4 billion pounds, while the Duke of Westminster's property portfolio is worth 7.3 billion pounds.

Harry Potter creator JK Rowling's worth has risen by 30 million pounds in the last year to 560 million pounds, putting her 148th on the rich list.

The top ten richest individuals in Britain are (in pounds): 1 - Lakshmi Mittal and family - 12.7 billion. 2 - Alisher Usmanov - 12.3 billion. 3 - Roman Abramovich - 9.5 billion. 4 - Sri and Gopi Hinduja - 8.6 billion. 5 - Leonard Blavatnik - 7.58 billion. 6 - Ernesto and Kirsty Bertarelli - 7.4 billion. 7 - The Duke of Westminster - 7.35 billion 8 - David and Simon Reuben - 7.08 billion. 9 - John Fredriksen and family - 6.6 billion. 10 - Galen and George Weston and family - 5.9 billion.

Lakshmi Mittal retains top spot in UK rich list for 7th year in succession - Economic Times

 

[KRAIT]

Who would have thought about it 65 years ago when we got Independence from GB.

 

[Hello_10]

Who would have thought about it 65 years ago when we got Independence from GB.

its more about the case that British may soon get their living standard they had till the 17th century, as below:

Poverty in the Middle Ages

However in the Middle Ages poverty was common. England was basically a subsistence economy where each village made most of the things it needed and most of the population were subsistence farmers. They grew as much food as their families needed (if they were lucky).

Surprisingly, perhaps, examining Medieval skeletons shows that most people had an adequate diet, except in times of famine.

However life must have been very hard for the disabled. There were many disabled beggars in Medieval towns.

The Church tried to help the poor. The Church taught that it was a Christian duty to give to the poor. In monasteries a monk called an almoner gave alms to the poor. However in the Middle Ages fearful poverty was an inescapable part of life.

Things did improve after the Black Death of 1348-49. In England about one third of the population died. Afterwards there was a shortage of workers so wages rose. In the 15th century wage labourers were better off then in the 13th century.

A History of Poverty in Britain

see the criterion of measuring 'richness' of these pigs even till 17th century as below: (based on the number of days they could eat properly )

At the end of the 17th century a writer estimated that half the population could afford to eat meat every day. In other words about 50% of the people were wealthy of at least reasonably well off. Below them about 30% of the population could afford to eat meat between 2 and 6 times a week. They were 'poor'. The bottom 20% could only eat meat once a week. They were very poor. At least part of the time they had to rely on poor relief.

A History of Poverty in Britain