Oxfam calls on PM to tackle poverty
The richest one per cent in Britain now owns more than 20 times the total wealth of the poorest fifth – making Britain one of the world’s unequal countries.
According to analysis by Oxfam, 634,000 British people are worth 20 times as much as the poorest 13 million.
“Three decades of high-level inequality have had a profound impact, leading many people to believe that they have little stake in society and to feel locked out of politics and economic opportunity,” the report said.
“Whatever your views on Brexit, the referendum brought divisions within our country to a head, with many people expressing distrust and disconnection with political processes and voting for change in the hope that it would improve their economic position.”
The data also showed that the richest 10 per cent own over half (54 per cent) of the UK’s total wealth, while the top one per cent own nearly a quarter – 23%.
Rachael Orr, head of Oxfam’s UK Programme, said: “Inequality is a massive barrier to tackling poverty and has created an economy that clearly isn’t working for everyone. While executive pay soars, one in five people live below the poverty line and struggle to pay their bills and put food on the table.”