The gap between rich and poor is wider than ever. But that doesn’t seem to bother Britain’s wealthiest earners. In an extract from their new book, Polly Toynbee and David Walker describe the jaw-dropping arrogance they encountered when they asked some of the fat cats to justify their lives of luxuryFrom the marbled 20th floor of a glass tower in Canary Wharf the view of the river is breathtaking. It snakes down to the Thames barrier, glinting in the sunset. Close to the new city lie the serried ranks of East End estate blocks. The view is typical of London: glossy new wealth nestling close to old and persisting penury. Precious little money has trickled down from this gilded new town in the sky to its neighbours below. The view is a reminder of the widening gap. History, many like to believe, is a Whiggish tale of wealth, social progress and fairer distribution, an onward march: we all wear the same clothes, meet on equal terms on Facebook. Yet background predicts who will run the banks and who will clean their floors. It’s not happenstance; it is largely pre-programmed. General mobility is a myth. The top 10% of income earners get 27.3% of the cake, while the bottom 10% get just 2.6%. Twenty years ago the average chief executive of a FTSE 100 company earned 17 times the average employee’s pay; now it is more than 75 times. Since Labour came to power in 1997 the proportion of personal wealth held by the top 10% has swelled from 47% to 54%. Labour did try to tug in the opposite direction, but after Gordon Brown’s last budget as chancellor axed the 10p tax rate, many of the lowest paid were left bearing a heavier burden. Continue reading…
Source : theguardian.com
Read more…Polly Toynbee and David Walker: an extract from their new book on the widening gap between rich and poor
