Analysis shows richest 1% of Britons have received more than a quarter of the £4trn increase in national wealth since 2000
Research suggesting that the super-rich's wealth has soared since the turn of the century adds weight to the calls for George Osborne to delay higher-rate tax cuts and target spare cash towards families on lower incomes
The super-rich have seen their wealth soar since the turn of the century while the worst-off have lost out, research has found, adding weight to calls for George Osborne to delay higher-rate tax cuts and target spare cash towards families on lower incomes.
In advance of Wednesday’s Budget, analysis by Oxfam reveals that the richest 1 per cent of Britons, a group solely comprising millionaires, have received more than a quarter of the £4trn increase in national wealth since 2000.
Meanwhile the Chancellor is preparing to announce a fresh round of cuts to public spending after he warned that the global economic outlook was at its bleakest since the financial crash of 2008.
In its study of the UK’s growing economic divide, Oxfam said the average wealth of each member of the elite 1 per cent stood at £3.7m in 2015, an increase of £1.5m each. By contrast, just 7 per cent of the increase went to the less-well-off half of the population, comprising around 30 million people. The average wealth of someone in the poorest 10 per cent of society is £1,600, compared with £1,100 in 2000.
Mark Goldring, Oxfam’s chief executive, said: “It’s simply not right that a tiny group of individuals hoovers up so much of the UK’s growing prosperity while barely any trickles down to those who have least.
“We need action to ensure that a rise in wealth is more evenly shared in order to combat poverty and ensure everyone gets a fair share.”
Research suggesting that the super-rich's wealth has soared since the turn of the century adds weight to the calls for George Osborne to delay higher-rate tax cuts and target spare cash towards families on lower incomes
The super-rich have seen their wealth soar since the turn of the century while the worst-off have lost out, research has found, adding weight to calls for George Osborne to delay higher-rate tax cuts and target spare cash towards families on lower incomes.
In advance of Wednesday’s Budget, analysis by Oxfam reveals that the richest 1 per cent of Britons, a group solely comprising millionaires, have received more than a quarter of the £4trn increase in national wealth since 2000.
Meanwhile the Chancellor is preparing to announce a fresh round of cuts to public spending after he warned that the global economic outlook was at its bleakest since the financial crash of 2008.
In its study of the UK’s growing economic divide, Oxfam said the average wealth of each member of the elite 1 per cent stood at £3.7m in 2015, an increase of £1.5m each. By contrast, just 7 per cent of the increase went to the less-well-off half of the population, comprising around 30 million people. The average wealth of someone in the poorest 10 per cent of society is £1,600, compared with £1,100 in 2000.
Mark Goldring, Oxfam’s chief executive, said: “It’s simply not right that a tiny group of individuals hoovers up so much of the UK’s growing prosperity while barely any trickles down to those who have least.
“We need action to ensure that a rise in wealth is more evenly shared in order to combat poverty and ensure everyone gets a fair share.”
No comments:
Post a Comment