Obscene wealth inequality costs us all money

According to a report from The Equality Trust the richest 100 people in the UK have as much wealth as the poorest 30% of households – that’s almost 19,000,000 people. The diagram below gives some idea of the scale of the issue in terms of pay disparity.

14-03-16 Average pay 2012

The more you think about this level of inequality the more obscene it becomes.

But it gets even worse.  According to the report the inequality could be costing the UK up to £39 billion per year as a result of the social consequences, including reduced life expectancy, worse mental health and higher levels of imprisonment and murder. So the government is wasting the equivalent of the entire defence budget in prolonging this inexcusable distribution of wealth.

It’s appalling that consecutive governments have continued to allow the social impact of this state of affairs, but it seems insane that they actually waste huge amounts of money to achieve it.