Income distribution: Inequality in GREAT Britain

According to latest The Equality Trust’s Wealth Tracker 2015 ‘Britain’s richest 1,000 people are wealthier than its poorest 40%’ 

The UK today is one of the developed world’s most unequal nations, with the richest 1,000 people owning more wealth than 40% of the population, or 25.6 million people.

In the last year the combined wealth of Britain’s 1,000 richest people increased by £28.151 billion to a colossal £547 billion. The wealth of the ten richest people alone increased by£3.25 billion. According to statistics from the ONS, the richest 1% of households in the UK now holds more wealth than over half of the population.

The effects of this inequality are everywhere. As research has proven, more unequal societies such as the UK suffer from poorer physical and mental health, lower life expectancy, higher rates of violent crime, poorer educational outcomes, and lower levels of trust. And new evidence from the IMF, OECD and other sources suggests our extreme inequality may also damage our economy too.

Our Wealth Tracker aims to demonstrate the scale of inequality by showing how the huge increase in wealth of the richest in society compares to recognisable household items and bills, and to the wealth of the rest of us. In doing so it also highlights what the equivalent financial value of this wealth might provide if it was used in a more equitable way.

Inequality has stretched our society to breaking point, with vast material differences creating huge social distances. It’s why over 80% of people are now concerned about the gap between rich and poor, and why even billionaires such as Bill Gates and Warren Buffett have voiced concerns over inequality. But inequality isn’t inevitable, it can be reversed. For this to happen we need our politicians to commit to its reduction. That’s why we are calling on all political parties seeking to form the next government to adopt inequality reduction as a key objective. Read more 

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