S4M-15244: Wealth Inequality Increasing

22 Dec 2015

That the Parliament notes the findings of the latest wealth and assets survey by the Office for National Statistics (ONS); understands that it suggests that the gap between the wealthiest and poorest in the UK is 34% wider than it was in the period 2006-08, with the wealthiest 10% of households owning at least £1.05 million while those in the bottom 10% have no more than £12,600; deplores the richest 10% reportedly owning 45% of the total aggregate household wealth, compared with the least wealthy 50% of households having just 9%; understands that, compared with the previous ONS report, the wealth of the top tenth of households has increased by 21% but that the poorest half of households has seen growth of only 7%; believes that wealth inequality gives disproportionate power to the wealthy and damages the economy and society at large, and considers that a healthy and stable society cannot survive with what it sees as such disparity.