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Old 11.12.2019, 14:42
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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Haven't yet found 10 year numbers but looking at the last 5 certainly not what this study says.


I'm pretty sure this was also the 2010-2015 pattern.

The UK is one of the most unequal countries in the (developed) world - only Korea and the US are worse for wealth see here), also for income distribution (see earlier link)
It's outlined on the full fact website here (https://fullfact.org/economy/how-have-wages-changed/):

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“The recession itself affected low and high earners roughly equally, but low-paid earners have seen the fastest average wage growth since 2014: the lowest-earning 10% of workers saw their average pay rise by over 12%, compared to under 5% for middle and high earners. That’s partly reflected by growth in the minimum wage and the new National Living Wage, faster than inflation."
The data they use is taken from the ONS and ASHE. Whilst average wages have stagnated, the worst off have seen the biggest increase in wages since the recession. Average wage increase remains a big problem though, and something needs to be done to change it. Solving the issue however isn't easy and it is reflected across much of Europe. The UK government needs to resolve matching wage increases with inflation. They've managed to do it in Germany.

https://www.ft.com/content/0a245c28-...7-60ee53e6681d

The fact of the matter is that income inequality isn't as big an issue as the Labour Party likes to make out and the the Conservatives have done much to address it. Inequality remains an issue, however this is far more related to access to services. Wealthier areas have better access to services than poorer areas. It's partly to blame for example as to why poorer pupils get the worst exam results. This is the real issue, unfortunately the solutions to resolve it are not so simple.

Jeremy Corbyn seems to think that you can just tax the rich more and throw money at the problem and it will be resolved. Unfortunately, it doesn't work like that. The tax system is already set up so that never before have lower income workers been asked to pay a smaller share, and as I've already said, the top 1% already contribute more than a third of all income tax. You can only get so much milk from a cow.

Last edited by TonyClifton; 11.12.2019 at 15:09.
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