Today’s combination of hyper-loose monetary policy and tight fiscal policy means that the asset-rich get richer while the asset-and-income-poor get battered. If you’re lucky enough to own a house or shares or pension rights, you’ve done well since 2010: the stock market is up 40%; house prices are up by over a quarter; and the ‘triple lock’ on pensions in the UK will have channelled more than £33 billion extra to those with pension rights by 2020. Yet those on tax credits have seen their incomes fall precipitously while, of course, benefiting not at all from asset-price inflation; needless to say, they have little if any pension rights to protect.
The people have spoken. Their will should prevail. But the referendum offered voters a ballot paper not a blueprint. A simple choice on Brexit: not a roadmap through the minefield Britain now has to navigate.