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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

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Unions call for action after Grenfell


What we think

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


International socialist news and analysis

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Socialist Party news and analysis

Kick out the Tories to save the NHS!

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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

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Unison conference: "A sense of change"

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Socialist history

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Socialist readers' comments and reviews

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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:

Trade unions:

triangleGender pay gap figures show need for trade union action

triangleLeaked pay deal: fight for a genuine pay rise

triangleToys R Us, Maplin: worsening retail crisis claims more jobs

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Pay:

triangleUsdaw conference 2018: time for new era of fighting trade unionism

triangleLeeds Socialist Party: The fight against zero-hour contracts and low pay

Wealth gap:

triangleWidening wealth gap, increase in poverty...make the fat cats pay

Britain:

triangleA socialist approach to Corbyn and a customs union

Super-rich:

triangleThem & Us

Wages:

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Poverty:

triangleChild poverty to hit 5m by 2021 - strikes can stop the cuts

Austerity:

triangleHull says no to war, no to austerity

Cuts:

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Debt:

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