Divide between rich and poor is getting wider

David Cameron took champagne off the menu at the Tories' annual fundraising Black and White Ball in the City.

By The Newsroom
Thursday, 18 February, 2016, 16:14

He reckoned it would look bad in an age of cuts – although these are landing mainly on the poor and vulnerable.

Instead, those at the £15,000-a-table shindig – barons, financiers and the rest – had to make do with sea bass, while bidding up to £35,000 for a concert box.

Recent figures from the Office for National Statistics (ONS) show the reality – the richest households have pulled even further ahead, with the top ten per cent now owning almost half of the country’s £11.1 trillion total private wealth.

In comparison, the least wealthy 50 per cent of households had only 8.7 per cent of total UK household wealth in 2012-14.

Since the previous survey two years earlier, the top tenth of households had seen a 21 per cent increase in their wealth, including property and shares.

The truth behind David Cameron and George Osborne’s boasts of an upturn is that the economy is paying people too little for hard work, and too much just for sitting on wealth.

Those who are already rich are moving even further ahead of the typical family who would be stretched to find the bus fare to a fundraising ball.