Inequality is a growing problem in the UK. Whilst austerity measures in Britain continue to hit the poorest families hardest, a wealthy elite have seen their incomes spiral upwards, exacerbating income inequality which has grown under successive governments over the last quarter of a century. Since the mid 1990s the incomes of the top 0.1 percent have grown almost 4 times faster than the incomes of the bottom 90 percent of the population. In real terms, that means the richest 0.1 percent have seen their income grow by more than £461 a week, the equivalent of over £24,000 a year. That’s enough to buy a small yacht or a sports car. By contrast the bottom 90 per cent have experienced a real terms increase of only £147 a year – insufficient to insure a family car. That equates to £2.82 a week – the average cost of a large cappuccino. Today, the five richest families in the UK are wealthier than the bottom 20 per cent of the entire population. That’s just five households with more money than 12.6 million people – almost the same as the number of people living below the poverty line in the UK. The extreme levels of wealth inequality occurring in Britain today threaten to exclude the poorest, whose standards of living are being squeezed as they are hit by increasing costs for basics like food and energy bills and cuts to services and support when they are most needed. Starting with this week’s Budget, the Government needs to re-balance the books by raising revenues from those who can afford it – by clamping down on companies and individuals who avoid paying their fair share of tax and starting to explore greater taxation of extreme wealth – rather than relying on cuts to services that disproportionately impact on the poorest in society, some 13 million people who are currently classed as living below the poverty line. wakeuppromotions.wordpress/2014/03/18/a-tale-of-two-britains-18032014/
Posted on: Tue, 18 Mar 2014 17:08:27 +0000
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