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From The Socialist newspaper, 21 June 2017

The have-yachts and the have-nots

Trade unions must lead fightback

Monopoly man with axe dancing on money bags, 1% super-rich austerity inequality, photo torbakhopper (Creative Commons)

Monopoly man with axe dancing on money bags, 1% super-rich austerity inequality, photo torbakhopper (Creative Commons)   (Click to enlarge)

Simon Carter, East London Socialist Party

Anti-poverty think tank the Resolution Foundation has added to an accumulating body of evidence on the ever-widening wealth gap in Britain.

According to its recent report, just 1% of the population own 14% of the country's wealth (and that's just the declared income and assets of the super-rich) or a mind-blowing 1.6 trillion! Yet the poorest 15% of adults own nothing or have negative wealth because of deepening debt.

Low incomes, combined with pay caps and pay freezes, zero-hours employment, benefit cuts and soaring rents, have all played a part in impoverishing an increasing proportion of adults in Britain.

In addition, the collapse in home ownership among the poorest half of the population since the onset of the financial crash in 2008 has dramatically widened the wealth gap.

Overall, the average wealth of an adult has fallen from 99,000 in 2006-08 to 84,000 in 2012-14 according the Resolution Foundation's report.

As the Socialist previously reported, the richest 1,000 individuals in the UK again saw their total wealth rise - by 14% last year to 658 billion. In contrast, the Trade Union Congress found that between 2007 and 2015, real wages fell by 10.4%, the biggest decline in the developed countries - matched only by Greece.

Little wonder then that the Tories, with their repeated austerity message, lost a parliamentary majority in the general election.

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In The Socialist 21 June 2017:


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Organise: justice for Grenfell and safety for all

Massive failings led to Grenfell Tower fire - Rapid, fully funded action now

Anger and grief on moving Grenfell marches

Unions call for action after Grenfell


What we think

Tories and May stagger on amid crisis - get them out!

Finsbury Park attack: No to terror, racism, war and austerity!


International socialist news and analysis

French elections: time to build a fighting left alternative


Socialist Party news and analysis

Kick out the Tories to save the NHS!

Inflation: Workers lose out - time for action

Open University facing huge cuts

The have-yachts and the have-nots


Workplace news and analysis

Jobcentre strike grows in second round of action

BA cabin crew calls two-week walkout over blacklisting accusations

Welsh college strike against crippling workload

Manchester housing maintenance dispute steps up action

Barts Trust NHS workers vote for action over pay

Unison conference: "A sense of change"

Militant mood against college job cuts

NSSN cancels conference to support 'Tories Out' demo


Socialist history

The Pentrich uprising: revolution and counter-revolution in 19th century Britain


Socialist readers' comments and reviews

"Austerity hurts and the only alternative is socialism"

The Socialist Inbox


Socialist Party reports and campaigns

Protests around the country demand: Tories out!

Young socialists share ideas at London meeting

Canterbury pride


 

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Related links:

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Debt:

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