The Glory that is Spud

Why has inequality grown, and how can we make sure that the rich make their contribution to society?

Why has inequality grown?

Let’s start with data on UK wealth from the Office for National Statistics:
The bottom 10% (about 5.4 million adults) had an average wealth of £12,835 in 2022.
The top 10% had £2.35 million on average.
The top 1% held over £5 million each on average.
In total, 58% of UK wealth is owned by the top 20%, and 37% by the top 10%.
This shows starkly that we have massive wealth inequality in the UK.
What does that mean in real terms?
The bottom 10% only have some personal property — no financial security at all.
The top 10% have over £300,000 in the bank, enough to absorb almost any shock.
This is the difference between having wealth and being permanently vulnerable.

Note that he does not, in fact, show that inequality has grown. Which is fun, no?

Also, as ONS says, income inequality is lower than in 2008. Wealth inequality is “largely unchanged in 14 years”.

But Spud’s off to talk to a citizen’s assembly today.

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