Building a Fairer and Stronger Economy means recognising the contribution of everyone to economic success. This means rebuilding the link between hard work and reward, and opening opportunity to everyone, not just the wealthy. A fairer economy is not only better for long-term prosperity, it is fundamental for a healthy and cohesive society, and is supported by a large majority of the public.
The Equality Trust's report, Course Correction: The Pre-Distributive Case for the 50p Top Income Tax Rate, explores the relationship between top personal income tax rates, economic growth, and economic inequality. It aims to identify whether, and how, top income tax rates are related to economic inequality, how high-income tax rates affect economic growth and the extent to which tax policy is effective in decreasing economic inequality.
The Equality Trust has today published its annual Wealth Tracker. It aims to make sense of the huge increase in wealth of the richest in society by providing comparisons with recognisable household items and bills.
This year it finds that the richest 1,000 people have more wealth (£547 billion) than the poorest 40% of households (£452 billion). Last year they saw their wealth increase by a staggering £28.151 billion, the equivalent of £77 million a day, or £893 a second.
The value of government contracts handed to the private sector has increased dramatically over the last five years and is likely to continue growing at a rapid pace. This recent growth in outsourcing has raised concerns, with a number of private providers widely criticised for poor transparency, poor management of government money, and in particular excessively high executive pay and pay inequality between employees.
This newsletter provides a brief review of organisational change and projects over the last six months, and gives a snapshot of our work programme over the coming six months.