A recent Oxfam report reveals that just five of the UK’s richest families own as much wealth as the poorest 20% of the population — some 12.6 million people.
In the last twenty years, the incomes of the top 0.1% have grown by around £24,000 a year. Over the same period of time, the bottom 90% have seen a real terms increase of only £147 a year — a tiny increase of £2.82 a week!
This stagnation has taken place during a decade in which the cost of living has soared. “Since 2003 the majority of the British public (95%) have seen a 12% real terms drop in their disposable income after housing costs,” says the report. In contrast, the richest 5% have seen their disposable income markedly increase.
The division is not just between those at the very top and the very bottom.
The vast majority of us have seen our living standards come under serious under attack while a tiny minority runs wild.