Rich don’t need shares
At our local U3A discussion group there was lively debate on the Government’s rushed legislation to provide for sales of national assets, currently owned on our behalf.
No member of our group was prepared to speak in favour of the proposal, on the grounds of the unseemly and undemocratic haste, and the shifting arguments about the proposed use of the anticipated cash.
Members noted that the Government proposes a cap of 10 per cent of the shares on offer by individual purchasers.
They queried why there could not also be a prohibition against overseas purchasers, now and into the future, [and] if there had been consideration of issuing bonds rather than shares, to provide added certainty for the ‘mum and dad’ investors.
A naughty suggestion was that purchases by family trusts could also be prohibited, on the grounds that those wealthy enough to consider such trusts worth their while had already