3 MARCH 1990, Page 30

Punishing success

Sir: Your correspondent Richard Wynne (Letters, 17 February) trots out yet again the old canard that most of the wealth is owned by a very few.

If you capitalise the benefits received by all citizens from maternity allowances, child allowances, subsidised housing, free schooling, free medical services, unem- ployment and sickness benefit and retire- ment pensions, the sum on a 5 per cent yield basis must be several hundred thousand pounds per adult. This makes all the adults quite rich and substantial capi- talists, at least as life tenants. The more successful are punished by death duties.

R. S. Guy

Els Tossals 54, Jesus Pobre, 03749, Alicante, Spain