Tuesday, September 13, 2016

The Haves and Have-Nots (1)

The richest one per cent in UK own 20 times more total wealth than the poorest fifth, making the country one of the most unequal in the developed world, according to Oxfam. 

In figures it means that around 634,000 people are worth 20 times as much as the poorest 13 million people.

10 per cent of the UK population own 54 per cent with the top one per cent owning 23 per cent, whilst the poorest 20 per cent share just 0.8 per cent of the country's wealth between them.

Oxfam’s report said: “The UK is one of the most unequal developed countries in the world. Three decades of high-level inequality have had a profound impact, leading many people to believe that they have little stake in society and to feel locked out of politics and economic opportunity…”

Rachael Orr, head of Oxfam's UK Programme, said: ”Inequality is a massive barrier to tackling poverty and has created an economy that clearly isn't working for everyone. The UK is one of the richest countries in the world, but it's a nation divided into the haves and have-nots. Whilst executive pay soars, one in five people live below the poverty line and struggle to pay their bills and put food on the table.”

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