10% of households hold 43% of all wealth; the bottom 50% hold only 9%. 42% of all disposable household income is in the hands of 20% of people, while 7% goes to the lowest-income 20%.
A recent article by Professor Prem Sikka (right) continues: ‘It is only the visible hand of government policies that is condemning people to poverty and hardship’ and nine paragraphs setting out the rise in poverty and inequality follow, with the comment:.
“There should be no income tax or national insurance on individuals on the minimum wage. It makes no sense to tax the poorest and then ask them to queue up for Universal Credit”.
Britain must abandon the planned 1.25 percentage point increase in national insurance and hikes in income tax. The burden of tax needs to shift to the richest. The poorest 10% of households pay 47.6% of their income in direct and indirect…
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