UK wealth gap wider than 40 years ago
Source: Agencies |
January 28, 2010, Thursday
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THE gap between Britain's richest and poorest is wider than it was 40 years ago, a report commissioned by the government said yesterday.
The National Equality Panel study, authored by academic experts, found that by retirement age the differences in wealth can be "colossal."
The panel found "systematic differences" in equality outcomes remained between social groups, and said many people would find the "sheer scale of inequalities" shocking. Illustrating the huge disparities, it said that by retirement half of those who had worked in top professions had net assets worth more than 900,000 pounds (US$1.45 million).
At the bottom of the ladder, however, a tenth of those who had unskilled jobs had property, savings and possessions worth less than 8,000 pounds.
One statistic in the study indicated that by 2007-2008 Britain had reached the highest level of income inequality since World War II.
It also said the discrepancies in earnings was high in Britain compared with other industrialized countries.
The report concluded the government had failed to close the gulf that existed between the poorest and richest in society in the 1980s.
"Over the most recent decade, earnings inequality has narrowed a little and income inequality has stabilized on some measures, but the large inequality growth of the 1980s has not been reversed," it said.
It follows findings by Save the Children that 13 percent of the UK's children were living in severe poverty.
Equality minister Harriet Harman, who commissioned the report, said the government would continue to make tackling inequality and poverty a priority.
The National Equality Panel study, authored by academic experts, found that by retirement age the differences in wealth can be "colossal."
The panel found "systematic differences" in equality outcomes remained between social groups, and said many people would find the "sheer scale of inequalities" shocking. Illustrating the huge disparities, it said that by retirement half of those who had worked in top professions had net assets worth more than 900,000 pounds (US$1.45 million).
At the bottom of the ladder, however, a tenth of those who had unskilled jobs had property, savings and possessions worth less than 8,000 pounds.
One statistic in the study indicated that by 2007-2008 Britain had reached the highest level of income inequality since World War II.
It also said the discrepancies in earnings was high in Britain compared with other industrialized countries.
The report concluded the government had failed to close the gulf that existed between the poorest and richest in society in the 1980s.
"Over the most recent decade, earnings inequality has narrowed a little and income inequality has stabilized on some measures, but the large inequality growth of the 1980s has not been reversed," it said.
It follows findings by Save the Children that 13 percent of the UK's children were living in severe poverty.
Equality minister Harriet Harman, who commissioned the report, said the government would continue to make tackling inequality and poverty a priority.
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