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).
For the most part we’re told a pretty simple story on poverty. Those who are poor are feckless, idle, and wasteful, those who are rich are sensible, hard-working, and prudent.
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.
This week we learned that, on the latest available figures, City bonuses in the UK are more than double the earnings of everyone on minimum wage.
We know that income differences create social distances. We also know that we are social creatures and we see ourselves largely through the eyes of others.
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.
Anyone reading a paper or tuning into the news this week will have been hard pressed to miss the stories on child poverty. With new figures out this week numerous organisations and commentators had predicted a large rise in the figure.
For many of us the festive season is a time for family, friends and far too much food. It can be a stressful occasion, but it’s also largely a happy one. But it’s also a time of great contrast, when the extent of the vast disparities in wealth and income becomes apparent.