According to research conducted by the University of Cambridge, the current level of inequality in the United Kingdom is unprecedented and the worst it has ever been. Since World War II, this is the first time that the top 1% of earners account for more than 10% of pretax income. This is in stark contrast to the period between 1945 and 1979, during which the wealthiest 1% held only 6% of pretax income.
The report also revealed that the top 0.01% of earners, approximately 15,000 individuals, now earn as much as the bottom 50% of the British population. In 1979, the top 0.01% held only 3.2 times as much wealth as the bottom 50%.
The study also revealed that the United Kingdom has some of the highest levels of income inequality among developed nations. In addition, the report emphasised that although wages have increased since 1979, this increase has not been distributed equally across all economic groups.
Today, the University of Cambridge released a report demonstrating an unprecedented level of inequality in the United Kingdom. For the first time since World War II, the top 1% of earners hold more than 10% of pretax income, according to the report. This is in stark contrast to 1979, when they only held 6% of the market.
In addition, the top 0.01%, or approximately 15,000 people, now earn as much as the bottom 50% of the British population. In 1979, they held only 3.2 times more wealth than the bottom 50%.
The study also revealed that, although wages have increased since 1979, this increase has not been distributed equally among all economic groups. Consequently, the United Kingdom has among the highest levels of income inequality among developed nations.
This news comes as a surprise to many people and further emphasises the need for an overhaul of the current system. Without immediate action, this trend of inequality may worsen and cause even more harm to society. Politicians and policymakers are now responsible for addressing this issue and ensuring that everyone can benefit from economic growth.
