A trickle down that never happened.

In the Reagan and Thatcher years the concept took hold of limiting, as much as politically possible, the taxes paid by the rich 1 percent who hold 75 percent of the total wealth in the country. The economic argument was that there would be a 'trickle down' effect where the money now preserved by the wealthy would be reinvested in the expansion of the entrepreneurial gift these people had to create more jobs. In this way we would all benefit from the undoubted benefit that the wealthy would receive when not asked to pay tax. 

London became and has continued to be the tax dodgers capital. The money flowing in from the new rich in Russia, China, India, the so called Brick countries plus the Arabian oil money has meant that assets in the form of accommodation is being built and has been snapped up by this desperate, "must place my money somewhere and not pay tax on it society" group. 70 percent of the new build accommodation is for foreign occupation, well not occupation actually since much of the property is not occupied but bought as an asset. Unoccupied these immensely expensive homes never hear the patter of tiny feet only the boot of the security team keeping an eye on things. 
This at a time when the indigenous population (what ever that means) is staved of a place to buy since the stock being built is primarily well out of what they can afford. This is how unfettered Markets can skew the economy and screw the people at the same time.
You would think the government who through the voting system are supposed to be our proxy would do something to remedy the inequality and the hardship of its own people but no, these super rich foreigners with money are the prime concern, their equity, like the swinging pendent used by the hypnotist to put us to sleep has beguiled our leaders who are now slaves to the global overlords. It will trickle down, we will all prosper "they" know how to generate wealth and it's wealth that we need isn't it.
As the one percent roar ahead, apparently unstoppable, and we sit without a pay rise for five and more years, do we really still believe this bull shit !!!