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Mike Savage, Professorial Research Fellow, International Inequalities Institute, London School of Economics and Political Science

The UK’s wealth ‘timebomb’ – and how to defuse it

When the full, unexpurgated diaries of the Conservative MP Sir Henry “Chips” Channon were published in 2021, these disarmingly frank accounts of his aristocratic life in mid-20th century Britain caused a stir. They revealed the inner thoughts of a renowned social climber and rightwing snob, whose political career never recovered from his record as an appeaser of Nazi Germany.

Having married into the Guinness family fortune, Channon revelled in the booty of landed wealth: the thrill at purchasing a country house, Kelvedon Hall in Essex; the glitter of cut glass in the lavish dinner parties he hosted; extravagant bejewelled gifts for his many lovers; the whirl of expensive European holidays and chauffeur-driven cars. One diary entry describes Channon and friends partying with Nazi leaders including Hermann Göring while in Berlin for the 1936 Olympics.

But there is an intriguing counterpoint to his naked love of wealth. During the later 1930s under a Conservative-led coalition government, taxes began to rise to pay for Britain’s rearmament in preparation for war. Writing about then-chancellor Sir John Simon’s “staggering” first war budget late in 1939, Channon recalled:

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