Weathfareism: socialism for the rich and the free market for the rest of us.

 

Sir Jim Ratcliffe

During the manmade financial crisis, during 2008 to 2012, the Bank of England simply created £445 billion in digital money to bail out the banks by buying assets from pension funds and banks. This was called Quantitative Easing (QE). It was supposed to stimulate the economy, but it was a scam for the wealthy. It inflated share prices and those with assets got richer, but the asset poor, did not.

This was paid for by imposing austerity. Budgets for public services were slashed; a public sector pay cap was imposed and welfare benefits were cut or axed. At the same time, capital gains tax and inheritance tax were cut and corporations were given tax breaks.

Based on reports, companies owned by the billionaire tax exile, Sir Jim Ratcliffe, primarily INEOS, have received over £190 million in direct UK government grants and subsidies between 2020 and late 2025, alongside hundreds of millions in financial guarantees. Ratcliffe is estimated to be worth £17bn and while he takes handouts from the British taxpayer, he also wants to slash welfare spending. It's socialism and handouts for the rich and austerity and the free market for the rest of us.