Nick Cohen’s article , ‘Servants of the Super Rich’ in this week’s Spectator nailed a long held and much ignored fact that the English Upper classes have turned away form ingenuity and started serving the expatriate wealthy from abroad. We no longer create wealth, we carefully manage and invest it.
Nick Cohen’s poignant example of a descendant of Winston Churchill advertising himself as understanding ‘all his clients’ needs and not just their wealth management requirements’ reveals the core problem a class content on acquiring wealth but not producing anything with it. Wealth management may be a complicated industry the British aptly placed to dominate, but it speaks volumes about how we see our competitiveness on the world stage.
In essence the industry is risk averse, and non-productive. This goes against the historic British ethos of ingenuity and risk taking. Instead, preservation of wealth, no matter who’s, has come to the foray of our Island’s skill set.The back bone of the industry once rested on the national industries that exported. Now they rely on taking commissions from the wealth of other industrious nations.
Many of our intellectual elite have become slaves to the vagaries of foreign wealth and wealth owners. As Nick Cohen points out, while many of these professionals may have the finest suits from Savill Row, athletic physiques and distinguished educations from Oxbridge, they are in effect subservient to foreign wealth.It is worth questioning, whether this is a road we still want to go down. I also think that it is worth demonstrating how even professional scientists, engineers and creatives are often employed by foreign conglomerates, as we fail to compete with behemoths like Google, Samsung, or BMW.