Growing inequality

The Institute of Fiscal Studies has published a report comparing this year to that of 1977, the Silver Jubilee year.  Of course it does not tells us anything anyone with common sense does not already know, that those on a the higher payer bracket are getting considerable more in comparison to the majority.

They highlight the inequality by using the median not average as most politicians and media use, and state:

There are numerous ways of illustrating the way in which the gap between
the rich and the poor has increased. In 1977, the person 90% of the way up
the income distribution had an income 1.7 times as high as the person in
the middle of the distribution and 3.0 times as high as the person just
10% of the way up the distribution. By 2009–10, this person at the 90th
percentile had an income more than twice the median and more than four
times as high as the person at the 10th percentile.
The figures for those at the very top are even more dramatic. The income
share of the richest 1% has nearly trebled. Even after tax, the richest 1% of
households took home nearly 9% of all income in 2009–10 compared with
3% in 1977.

The also mention how the make-up of the workforce has changed with more women in work than men.  And of course, the type of work has shifted to banking and public services.  Another issue is education, with education leading to more equality.  Looking at their figures, the opposite has happened in this country.

In 2011, nearly a quarter of the working-age population – and a third of
those aged 25 to 30 – were in possession of a degree. Only 3% had a
degree back in the late 1970s. The change has been more dramatic for
women than for men. Proportions of men and women with degrees are
now the same. In 1977, only two women in a hundred were educated to
degree level compared with five in a hundred men. At the same time, the
advantage conferred by having a degree in terms of higher earnings has
actually increased. The huge increase in the supply of graduates has been
more than matched by an increase in demand.
At the other end of the educational spectrum in 1977, nearly 80% of
working-age people had left school at 16 or earlier, compared with just
over 40% now.

Though in their summary, they appear to downplay the inequality and state that materially we are better of.  Not those at the bottom, who are struggling to heat their homes and have enough nutritional food on the table.

IFS report

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