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Deaton Review of Inequality

The Review being led by Sir Angus Deaton (https://www.ifs.org.uk/inequality/wp-content/uploads/2019/05/The-IFS-Deaton-Review-launch.pdf) is important as the first really systematic attempt to examine present-day inequality in the UK. The initial analysis carried out by the Institute for Fiscal Studies makes grim reading: inequality, historically at a low level here, has dramatically increased so that we are now one of the most unequal countries in Europe. To take four examples more or less at random, over the last 20 years: The share of income going to the highest 1% of households increased from 3% to 8%; The lowest-earning households earn little more over that period, whilst the highest -earning earned 40% more; Chief executives' pay in FTSE 100 companies increased from 47 times that of an average worker to 145 times; Homeownership rates in the 25-34 age group fell from over 55% to 35% All of which and more explains the anger of the 'left behind' - who also mostly voted for Brexit.  But the sad irony is that if Brexit does happen, the worst affected will be those who have done the least well in the last 20 years. And of course, being a member of the EU was not the cause of this (if anything, it helped to attenuate the effects of the changes), which rather makes the whole thing irrelevant.
But these are facts; Farage and his gang are not interested in facts but in pushing the 'betrayal' myth, claiming that 'the elite' (Farage was educated privately and is an ex-stockbroker) and the professional politicians (Farage is a professional politician) are preventing the Will of the People. Welcome to 21st century Britain!

Richard Carter ● 2736d1 Comments ● 2736d