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A worker on the National Living Wage (NLW) would need to work for 410 years to earn just one year’s average salary of one of the UK’s top bosses. That’s a similar difference to the length between the Olympic marathon (42,195m) and a 100m sprint (a difference of 422 times).
With the 2016 Olympics about to begin in Rio, the Equality Trust has examined how inequality in the UK can be measured through Olympic events. It found that:
Today’s Living standards, poverty and inequality in the UK report from the IFS sheds light on how households on different incomes across the country have fared in recent years, putting these trends in historical context.
Today’s news that that median incomes have finally returned to pre-crisis levels is welcome, with the average household income reaching £473 a week in 2014/15. But that’s one of the only good things to come out of today’s government statistical release, Households Below Average Incomes.
Today’s disposable income figures from the ONS offer a picture of how much different households across the country have to spend, and how far apart their experiences are.
There has been a slight increase in the Gini measure of inequality, up from 32.4 in 2013/14 to 32.6 in 2014/15. Although this change is not statistically significant, it shows how unsuccessful the Government has been at reducing the UK’s extreme inequality.