“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation,” Vladimir Lenin, the Russian Communist revolutionary, once said.
That may well be how the wealthy are feeling following the publication of Coutts’ latest Luxury Price Index, which reveals that school fees have tripled in the past 20 years.
The index, which measures the cost inflation of luxury goods, showed a rise of 5.9% in the year to October by measuring costs such as private education which grew 4.3% – nearly twice the current UK inflation rate of 2.4%.
Luxury food, alcohol and clothes have also experienced rapid price increases, the index reveals. For example, the price of oysters is up 21% in the past year, while fine wines are up on average 11%.
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