How a great English city sold itself to Abu Dhabi’s elite – and not even for a good price | Aditya Chakrabortty

Manchester's Labour council let Sheikh Mansour buy up acres of public land for seemingly a fraction of its worth - how was this allowed?

London is one giant pantomime this summer. Just look to the politicians and journalists, hot-breathed with excitement, horse-trading and haggling over who gets to be the Tories' next head prefect. But if you want the truth about how power and money operate in the UK today then ditch Rishi Sunak and Liz Truss, and head to Manchester. Yes, Manchester: the comeback city that traded cotton mills for skyscrapers, and is now cheered by the Financial Times and George Osborne. The metropolis that taught the world so much about industrial capitalism 200 years ago now offers another harsh lesson about its 21st-century, financialised version.

Go a few minutes east of the city centre, and walk from New Islington into Ancoats. Block follows block of newly built and freshly converted flats and houses, many lining a lovely marina that glistens in the July sun. You can rent or buy these places right now, as long as you don't mind how much some look like pile-em-high student boxes and that they all cost a packet. This is what post-industrial regeneration looks like, right? Redbrick in tooth and claw. But note something: almost 1,500 of these homes come from just one developer, and in that lies an entire sobering story.

Do you have an opinion on the issues raised in this article? If you would like to submit a letter of up to 300 words to be considered for publication, email it to us at guardian.letters@theguardian.com