Equality Trust report, ‘The Cost of Inequality’, and a new Oxfam briefing on inequality.

Did you know that the richest one hundred people have as much wealth as the poorest 30% of all households –around 18,900,000 people? Did you know that the impact on the UK of some of the social consequences of inequality includes reduced life expectancy, worse mental health and higher levels of imprisonment? What do you think the cost of this might be, in relation to the amount of money that the government spends on defence? 

The Equality Trust has published a report ‘the cost of inequality’ highlighting the fact that for the past forty years, income inequality has spiralled, leaving the gap between the rich and the rest more like a chasm. As the rich have got richer, the rest have been left behind.  This report looks at the far-reaching consequences of our unusually high levels of inequality. It also estimates that the cost of the consequence of this inequality could amount to the equivalent of over £39 billion every single year. By contrast, total government spending on defence for 2013-14 is expected to be around £40 billion.

Oxfam has published new figures on inequality at the end of March 2014. The figures show that the gap between the rich and the rest has grown significantly over the last two decades. Ben Phillips, Oxfam's Director of Campaigns and Policy, said: "Britain is becoming a deeply divided nation, with a wealthy elite who are seeing their incomes spiral up, whilst millions of families are struggling to make ends meet. 

To read the Equality Trust report, click here

To read the Oxfam briefing, click here