The Real Class Divide

Household wealth in Britain passed a net total worth of £7tn for the first time last year. "While wealth has soared, there is a large divide in where it has accumulated," said Nitesh Patel, economist at Lloyds TSB Private Banking, pointing to the fact that the wealthiest 10 percent of households hold 22 times more wealth than those in the bottom half - at an average of £1.82m versus £82,000.
Office for National Statistics (ONS) data shows that pay rose by 1.2 percent between November and January, while consumer price inflation hit 2.7 percent in the same period. This amounts to a real cut in pay
Incomes for the poorest households have been squeezed by a high cost of living, below-inflation wage growth, and welfare cuts under the government's austerity drive. Incomes for the poorest households have been squeezed by a high cost of living, below-inflation wage growth, and welfare cuts under the government's austerity drive. The government are also reducing incomes, such as child and housing benefit changes. Household bills have also been high by volatile commodity prices, sending energy and food costs upward.
TUC analysis shows that the poorest income group for working households, who receive just £195.92 a week, are 1.6 percent worse off a year when you take into account the effect of the VAT and personal allowance increases.