According to a report by Oxfam, the richest 1% of the UK owns over 20 times more wealth than the poorest 20%, meaning the UK falls among the most unequal of the developed world. The analysis shows that around 634,000 Britons are worth 20 times the amount as the poorest 13 million Britons. It also suggests that this burgeoning inequality contributed to Brexit.
Figures show the richest 10% own 54% of the UK’s total wealth.
The charity 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.
“Whatever your views on Brexit, the referendum brought divisions within our country to a head, with many people expressing distrust and disconnection with political processes and voting for change in the hope that it would improve their economic position.”
Oxfam has outlined a four point plan they think could help tacking inequality. It includes giving incentives to firms to improve the skills of their workforce, encourage welfare claimants to get back into training and education, adopting pay ratios to better equalise pay rates and to tackle corporate tax avoidance via tax havens.
