Robert Peston looks at the mess we're in and how things could change

WTF by Robert Peston

Journalist Robert Peston attempts to unravel how the world became so divided between have and have nots.

Unsurprisingly, the economic analysis of neo-liberalism is good, outlining the path that led us to where we are today. Less impressive are the solutions, which appear a bit piecemeal, though, they are something of a work in progress.

ITV’s political editor looks at the slowing of social mobility, the flat lining of wages over the past 10 years, a crisis in productivity and the uneven application of automation as all contributing factors in creating an expanding group of disillusioned people who feel they have no stake in society.

He identifies how, over the past 30 years, more of the wealth generated has accrued to owners rather than workers, with the demise of trade union power high on the list of reasons why. This is one area where the author advocates the Labour Party position on moves to strengthen the unions.

Peston identifies the growing disillusionment born of all these factors as fuelling the rise of Trump, the vote for Brexit and ascent of Corbyn.

The take on Corbyn is mainstream. He recognises the forces that brought him to prominence but does not seem to embrace the idea of a Corbyn led Labour administration.

Typical of the broad brush approach is the comment that Corbyn “leads the most left wing Labour Party, perhaps ever.” Much as many may wish this to be so, and maybe it will be in time, the evidence thus far does not back up the case. The manifesto put out in June, was not as left wing as past offerings from the Labour Party of the 1960s, 70s and 80s, let alone the ground breaking 1945 Attlee administration.

He also adds to the mainstream orthodoxy that Labour only did so well in the general election due to remainers coming in fully behind the party, suggesting that future Labour electoral success depends on the party forthrightly coming out to stay in the EU.

There are other interesting chapters on the growing power of social media, and the challenges represented by automation. On the latter he finds that those being hit most severely by this latest industrial revolution are manual, often unskilled workers - who happen to also be those most strongly represented amongst the disillusioned and disempowered.

Solutions are thinner on the ground, though most suggested make sense, such as  a Universal Basic Income, addressing the UK’s productivity failures, a more active role for the state, regional interest rates and a uniform 1% tax on those with £500,000 plus in wealth.

There is a particularly pointed vignette on the Grenfell Tower tragedy, which represents many of the failings of the present system. Peston points the finger particularly at former PM David Cameron, who can see the burnt out tower from one of his homes, for his attack on the red tape culture, which has clearly had a corrosive effect on matters like health and safety as typified by the tragedy.

Overall, WTF is well worth a read, throwing some light on how we got into the present mess, with some suggestions as to how to get out. Don’t though expect any revolutionary solutions.

* Published by Hodder and Stoughton, price £20

Review published in Morning Star - 9/1/2018