In May 2014 the WPB highlighted the fact that the wealthiest people in Britain were getting even wealthier and guess what – they are still piling on the cash. Millionaires are now 875 times richer than the poorest 10% within British society.
The Office for National Statistics (ONS) have found that the assets of the richest 10% leapt by 21% between 2012-14, but that the poorest 10% only saw their incomes grow by 7%. The top 10% owned at least £1,048,500 in assets while the bottom 10% owned £12,600 or less.
The ONS released their findings at the same time as the Confederation of British Industry made the outrageous claim that the new living wage would damage the economy. Who are they trying to kid? £7.20 per hour allows people to survive, nothing more. No doubt they are more concerned with lining the pockets of the millionaires than helping the poor to survive.
Now Ian Duncan Smith’s Xmas message to the poor is that they should work an extra 200 hours a year to make up for benefit cuts. In fact this disgraceful suggestion wouldn’t even compensate for their losses.
If Britain is to prosper we need to have a high wage-high skill economy. Higher wages mean more taxes can be raised to fund services and fewer benefits need to be paid out. Wealth needs to spread amongst those who generate real wealth, working people. Poverty is a blight on society and needs to be eradicated.