“Britain is becoming a deeply divided nation, with a wealthy elite who are seeing their incomes spiral up, while millions of families are struggling to make ends meet,” said Oxfam’s director of campaigns and policy, Ben Phillips. “It’s deeply worrying that these extreme levels of wealth inequality exist in Britain today, where just a handful of people have more money than millions struggling to survive on the breadline,” he added. The charity has urged UK chancellor George Osborbe to use his Wednesday’s Budget to make a fresh assault on tax avoidance and introduce a living wage in a report highlighting how a handful of the super-rich.
The report asserts that widening inequality is creating a “vicious circle where wealth and power are increasingly concentrated in the hands of a few, leaving the rest behind”. “This means the rules are constantly rewritten in favour of the rich, for example through policies such as lower taxes for high earners,” it says. In January, an Oxfam report found that the richest 85 billionaires on the planet own the same amount between them as half the world’s population, or 3.5 billion people. (PTI)