A society where the rich are extraordinarily rich and the poor are very poor, or one where the rich are merely very well off but even those on the lowest incomes also enjoy a decent standard of living?
U.K. has much higher wealth inequality than most equivalent Western economies only eclipsed by USA
U.K. has much lower standard of living for the majority of its citizens and much poorer public services.
Currently in the U.K. 6 million people are in fuel poverty, 4.8 million in food poverty
Here is the extreme left wing Marxist Financial Times:
Britain and the US are poor societies with some very rich people
Let’s look at income distribution and see where U.K. lies
“Britain is a different story. While the top earners rank fifth, the average household ranks 12th and the poorest 5 per cent rank 15th. Far from simply losing touch with their western European peers, last year the lowest-earning bracket of British households had a standard of living that was 20 per cent weaker than their counterparts in Slovenia”
Tony, I have presented you with evidence that shows wealth inequality in the U.K. means the lowest paid have a much lower standard of living than other equivalent economies.
Tony please could rethink your belief wealth inequality is a meaningless soundbite, or if you can’t please can you provide a reasoned counter argument, that would be most appreciated.