The system is broken

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The world is in economic crisis.

Financial systems are failing.

The City is in shock that underwriting deals are the latest victim of the credit crunch.

Oil is at all time price highs.

We're running out of the stuff.

Most importantly, people cannot afford to feed themselves. Real hardship is growing and threatening not just livelihoods, but lives.

And then along comes a letter to the FT this morning saying:

Sir, I am not surprised to see that Burberry has seen a rise in sales and profits.

As a global concierge company, we found the number of calls we received during the first quarter of this year from customers inquiring about luxury goods and services increased by 69 per cent compared with the same period last year.

There are a number of factors behind growth in the luxury goods market, including the growing trend for people to pay a premium for top-class items and the rise in singletons and people marrying later, meaning they have more money to spend on themselves.

Despite the credit crunch and the threat of a global recession, demand for luxury goods is very much on the increase, and global expenditure on these items is set to grow by around £22bn a year.

Will Holroyd,
Peterborough PE3 6SB, UK

Don't doubt it: when this disparity is so obvious this system is broke. Th old argument that 'it ain't broke so don't fix it' no longer holds true. It i broke. We have to fix it.

Now is the time for change.