THE top 10 per cent of households are nearly 900 times wealthier than the poorest — and younger people will face even greater levels of inequality, according to a new report published today by the IPPR think tank.
Every generation since the post-war “baby boomers” has accumulated less wealth than the generation before had at the same age.
Equality Trust executive director Wanda Wyporska said it was “incredible” to see the chasm between rich and poor in Britain, which continues to widen while “politicians bury their heads in the sand.”
She pointed out that rising inequality is not a “natural” phenomenon, but “the result of decades of political decisions that have benefited the rich first, and left the rest of us behind.”
Based on current trends, the IPPR says fewer than half of those born between 1982 and 2002 are expected to own their own home by the age of 45.
The report, commissioned by Channel 5, says that home ownership is a key driver of current and future inequality, with prices in London set to be 10 times higher than in north-east England — double the divide today.
Disparity in wages will also see the average adult in south-east England earn almost four times more than in the north-east.
Ms Wyporska added: “The evidence is clear that more unequal countries such as the UK suffer from poorer physical and mental health, lower educational outcomes and higher rates of violent crime. Is this the sort of country we want to pass on to future generations?”