The City still runs on nepotism
When Liz Truss says she wants to give tax cuts to the wealthiest, she thinks she is making a moral argument. The rich deserve to keep their money because they are the best and brightest among us. They have succeeded on their own merit and not because of their class, sex or ethnicity. This, she believes, is a Thatcherite view of society. But the crisis that her government has imposed on Britain is as much due to her misreading of modern history as of her economic illiteracy. Her support for the City rests on a misunderstanding of how Thatcherism transformed the top of British society, as a new and devastating
