Top 10% 500 times wealthier than bottom 10%
- Published on Thursday, 12 July 2012 11:15
- Written by Vicki Mitchem
'Widening inequality, which started 30 years ago, has continued in the recession with the top 10 per cent now more than 500 times wealthier than the bottom 10 per cent.'
Responding to the Wealth and Assets Survey, published today (Thursday) by the Office for National Statistics, TUC General Secretary Brendan Barber said:
'The crash should have brought an end to unjustified rewards at the top. Instead people on low and middle incomes are shouldering the burden of the recession they didn't cause through low wage increases, rising indirect taxes, and a higher risk of debt. Meanwhile the wealth of the very rich is growing at an ever-increasing rate, even as the economy sinks into double dip recession.
'Tackling this growing inequality through fairer taxes, stronger wage growth for those on middle and lower incomes and a crackdown on excessive rewards at the top is therefore vital for driving sustainable economic growth that benefits everyone.'