New figures from ONS reveal growing wealth inequality

By agency reporter
December 19, 2015

New figures published yesterday (18 December) by the Office for National Statistics (ONS) on UK household wealth paint a worrying picture of growing wealth inequality, says the Trades Union Congress (TUC).

In cash terms for 2012-14 the top 10 per cent owned £5.0 trillion of household wealth, which is 44.8 per cent of total UK household wealth (£11.1 trillion). This is up from 43.6 per cent in 2010-12.

The bottom half of the wealth distribution has seen its share decline. The least wealthy 50 per cent had only 8.7 per cent of total UK household wealth in 2012-14, which is down from 9.6 per cent in 2010-12.

The TUC says that the growing share of wealth for those at the top reflects an economy that is too dependent on growth in the value of property and financial investments.

The TUC General Secretary Frances O’Grady said: “The economy is paying people too little for hard work, and too much just for sitting on wealth. It is making Britain more and more unequal, with those who are already rich moving even further ahead of the typical family.

“The government must reshape the economy to address the UK’s over-reliance on property and financial investments. Future growth must be built on the firm foundation of higher wages in both the public and private sectors, and investment in skills and industry.”

*ONS survey here

*TUC https://www.tuc.org.uk/

[Ekk/4]

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