Sunday, 3 October 2010

Master Edward's murky world of privilege

OK, you've never had a proper job in your life, having gone straight from Uni to being a Labour Party 'researcher', a poorly remunerated sinecure akin to that of a film company 'runner', open only to those with additional income from elsewhere to enable them to live in London. 

You get your first proper wage in 2005 when you're elected as an MP on a salary of £60k a year. Immediately you buy a £648,500 flat - over ten times your annual salary. How? Did you borrow the money from Peter Mandelson?

Of course those in the rarefied upper-atmosphere of wealth and privilege, such as Lady Toynbee and the Milibands, would simply not understand why the question is asked. So used are they to money and status, to moving fluently in the upper echelons of the top 1% of wealth holders, that they can't comprehend any alternative. In terms of privileged backgrounds, you can't get a fag paper between Miliband, Clegg and Cameron. Blair at least had the virtue of being a bounder, a counter-jumper, racked with insecurity about money and clever enough to acquire a wife whose qualities include an avariciousness close to obsession. 

Let's be very clear. Miliband is where he is for one reason only - he thirsts for power. He hungers and thirsts for sheer naked unprincipled power. And he will say and do anything to get it. The Milibands' murky world of privilege is laid bare in today's Mail;
Ms Thornton bought a flat in Maida Vale, West London, nine years ago for £356,000, selling it in March 2008 for £630,000, a profit of £274,000. Mr Miliband, 40, bought a flat in Primrose Hill in 2006 for £648,500. He made a profit of £92,000 when he sold it in December 2009, six months after Ms Thornton bought the Dartmouth Park property.
Mr Miliband has also benefited from complex transactions involving his family’s property portfolio.
Until last year, he was a joint owner, with his mother Marion and brother David, of a £1 million property in Primrose Hill, originally his grandmother’s home. After she died in the early Nineties, it was given to the brothers as a base for their political careers. In February 2009, it was transferred into their mother’s name.
Ed Miliband also seems to have received an advance on the inheritance of his childhood home in Primrose Hill. In 1994, shortly after the death of his father Ralph, a ‘deed of variation’ transferred 20 per cent of the house each to Ed and David, with the remaining 60 per cent retained by their mother. Experts claimed this was to reduce death duty.
In 2004, David bought out the rest of his family’s interest in the house for £800,000 and now lives there with his wife Louise and two sons. The move valued Ed’s stake at £160,000 – a sum on which he paid capital gains tax. The property is now worth about £1.5 million.
Marion Miliband also owns a property in Banbury, Oxfordshire, worth an estimated £750,000.
Ed Miliband rents a £150,000 constituency home in Doncaster, for which he pays £6,300 a year on House of Commons expenses.


talwin said...

Socialism, eh. Don'tcha just love it?

Spent Copper said...

Sounds like another good ideal for a Land Value Tax to be introduced replace the other taxes we pay, and, of course, the reason why we wont get one.

selsey.steve said...

"You get your first proper wage in 2005 when you're elected as an MP on a salary of £60k a year. Immediately you buy a £648,500 flat - over ten times your annual salary. How?"

Who lent the money to this newly-employed, inexperienced s**t? Why didn't he have to jump through the hoops like everyone else, kissing bankers rings along the way and ending up with less than a quarter of what he asked for?