The Shard is a profit machine. That is why it is being built. That is its purpose. “So what?” you say, this is capitalism, suck it up. But this is a profit machine being built in a particular time and place. Who is it providing more office space for in these grim times? According to the FT in a piece titled London banks ‘will need space of four Shards’ it will be accommodating “a strong rise in demand among hedge funds and private equity firms in the West End, closely correlated to the stock market recovery.” Expanding banks are also expected to be among the main occupiers. In other words, it is being built in anticipation of making the UK even more dependent on a financial sector that just screwed us.
Meanwhile who pays the price for a big concentration of new office space like that? It can surely only make property prices in Bermondsey and Southwark go even more stratospheric. This will be happening at the same time as the cap on benefits and increase in council house rents that is already expected to effect a sort of social cleansing of inner London. So the Shard will help to screw many nearby residents, possibly forcing the poorest out of London altogether. Great.
Oh well, at least it will help increase economic activity in a stalling economy. But for who? Since London is really a tax haven, and most of the money made there gets stored in tax havens, are we likely to see much in tax receipts from the companies working there? As for the profit from the building itself, the point is not that the investors in the Shard are Qatari and will therefore take their profit out of the country. It wouldn’t make a blind bit of difference if the investors were British. That money is not for us. It would leave the country anyway.
Even if we were to reap something in taxes from the companies working there, would it really be worth it when we consider what the next financial crash might do to us? When we consider that not only is the government not interested in weaning us off the finance sector, but they are really, really not going to regulate them either? The Shard is a time-bomb. The Shard is great pointy cock shafting London.
It isn’t an exciting and iconic building. It’s a profit machine. And it isn’t for the likes of you or I. So admire it on the horizon if you like. But to me it does look like the headquarters of our totalitarian overlords, and really, it isn’t that futuristic. Remember, in this country there will be no imposed coup to put the banking regime in place like in Italy or Greece. It won’t be necessary. The bankers are already in charge.