The Assetocracy - by Huw Macartney (Paperback)

About the Book

Parliament's second chamber may no longer be home to hereditary peers, but elitism remains. This detailed analysis of the financial and political activity of the members of the House of Lords exposes the extent of the wealth elite's grip on power at the heart of British government.

Book Synopsis

Parliament's second chamber may no longer be home to hereditary peers, but elitism has far from been eradicated with their departure. In this detailed analysis of the financial and political activity of the members of the House of Lords, Huw Macartney exposes the extent of the wealth elite's grip on power at the heart of British government.

The introduction of life peerages in the 1950s, the reforms by the Blair government and the removal of the remaining hereditary peers were all intended to make the House a more diverse, representative and meritocratic chamber. Macartney's investigation into the shareholdings, company directorships, landholdings, rental properties, education, attendance, speeches and voting records of the Lords demonstrates how the political apparatus at the heart of Westminster promotes economic structures that protect wealth. Far from reflecting the society they govern, the Lords continue to operate at a remove from the everyday experiences of the British public and increasingly appear to be a club for the assetocratic class.

Review Quotes

Many elements of the archaic, dysfunctional UK political system combine to make it thoroughly undemocratic, but the place of Big Money is a key factor. As Huw Macartney outlines, this is not just coming in from the outside, but also built into the House of Lords, which is thoroughly unrepresentative of the public it is supposed to serve but entirely representative of the forces of the status quo, particularly finance. Democracy demands transparency, and Huw has done an important job in exposing the entrenchment of the power of money as a replacement for feudalism in the House of Lords. This is a key work for explaining the extreme dissatisfaction and distrust with which the public - justifiably - regard British politics.--Natalie Bennett, Green Party member of the House of Lords

This carefully researched book shines a light on the financial and economic interests of the members of the House in Lords and their tendency to promote and protect the interests of a wealthy class. It ought to galvanise and infuriate people to demand better forms of democracy.--Prem Sikka, Member of UK House of Lords, University of Essex and University of Sheffield

This forensic analysis provides startling new evidence of the influence of wealth on decision-making at the heart of our political system, accompanied by a precise blueprint for reform. A must-read.--Will Snell, Fairness Foundation