Sir Ronald Cohen Predicts A Riot

AS the debate over the miniscule amount of tax paid by private equity firms rumbles on, one of the nation’s richest men has warned that violence could engulf Britain unless the gap between rich and poor is closed.

Sir Ronald Cohen, who founded private equity giant Apax, was speaking to the Treasury Select Committee when he revealed his concerns.

Says he: “It is something we should be concerned about. Entrepreneurial economies which have high rates of growth and high rates of job creation do lead to great divergences in wealth. When economic situations get bad, it takes a spark to ignite a violent reaction.”

However, Cohen, who is said to be worth £260million, came under fire for his comments with Tory MP Brooks Newmark who tells us: “Having retired and benefited from the tax benefits that have been in the economy for the past ten years, it’s a bit hypocritical of him to suddenly say we have to change the tax laws.”

But are the Great British public about to rise up on masse? One fears they are too busy watching Big Brother.

Anorak

Posted: 21st, June 2007 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink