A Nation of Ferraris and Foodbanks

Analysis by The Equality Trust reveals that the richest 1,000 people in the UK have:

 

• Increased their wealth by £47.8 billion in the past year alone (2018 – 2019) [1]
• Increased their wealth by £253 billion in the past five years (2014 – 2019) [2]
• Increased their total wealth to the staggering sum of £771.3  billion, which is significantly more than the poorest 40% of households combined on £567 billion. [3]

 

The Equality Trust announced last week the launch of its new campaign #TalkTax calling on the richest 1000 people in the UK to support higher taxes. At the same time, many of the billionaires have admitted they would flee the country rather than pay more taxes. The organisation will be writing to the top 1000 on the Sunday Times Rich List with the aim of creating a wider range of voices in support of higher taxation, calling on more of the wealthiest people in the UK to declare their support for higher taxes.

Dr Wanda Wyporska, Executive Director of The Equality Trust commented:

 

“Our Wealth Tracker reveals the true story of the UK’s appalling wealth inequality, which sees a nation of Ferraris and foodbanks. As the rich get richer, year-on-year, more and more people are working for their poverty, in a country where the richest 1000 have more wealth than the bottom 40% of households. In our grossly unequal UK, we are seeing the fabric of society ripped to shreds as the gap between us grows ever wider.

“We are launching our campaign to ask the richest 1000 in our society to come out and publicly support higher taxes, just like fellow-billionaires Bill Gates and Warren Buffett have done. However, it seems that Britain’s richest are determined to cling onto their wealth, power and privilege despite inequality being at a dangerously high level, which is damaging all of us. We know that there is public support for higher taxation and that 77% of the public would support restoring the income tax rate from 45p to 50p for those earning more than £150,000 a year.[4]”

 

Analysis & Notes

To see published analysis and data visit The Equality Trust HERE

 

 

 

 

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