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Have you ever thought that the fact that the top 1% pay 30% of income tax take throws into sharp relief the inequities in the current pay/wealth gap between the top and the bottom? Inequality is more socially divisive and economically damaging the greater it becomes. Capitalism has no answer for this problem. It also has no answer for the erosion of out manufacturing and industry base, which is a serious structural problem with our economy. Industry is the main source of productivity growth and economic prosperity both in and of itself and its impact on improving productivity in other sectors via technological progress. Have you wondered why, despite the tanking value of sterling, our balance of payments gets no better? The market allowed industry to wither and die in the UK and create a major structural deficit. It is like having a balanced property fund that is massively overweight to city offices and retail warehouses. From a property perspective even our industrial assets are now being taken over by retailers for use as last mile distribution facilities. It is only by state led investment or state led incentives that this problem can be solved. The market will not facilitate a cure. Only by admitting the shortcomings of capitalism and embracing tenets of socialism can these huge market created deficiencies.

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