The richest 1 per cent of Britain’s population owns almost more than 20
times the total wealth of the poorest fifth, according to a shocking new
report by Oxfam.
The charity’s findings show that around 634,000 of
the wealthiest people are worth 20 times as much as the poorest 13
million — making Britain one of the most unequal countries in the
developed world.
It also revealed that over half of the country’s wealth is concentrated
in the richest 10 per cent of the population, while the poorest 20 per
cent shares barely 0.8 per cent of Britain’s wealth between them.
Oxfam UK programme head Rachael Orr said: “The UK is one of the richest
countries in the world, but it’s a nation divided into the haves and
have-nots. While executive pay soars, one in five people live below the
poverty line and struggle to pay their bills and put food on the table.”
The
charity has put forward a four-point plan to shake-up corporate culture
and stamp out inequality, including giving employees greater
representation on company boards and ending tax avoidance and closing
British-linked tax havens.
It has also suggested that the most highly
paid person at a firm earn no more than 20 times the salary of the
lowest-paid worker to help narrow the wage gap.
“Addressing the
practices of unscrupulous business needs to be a central part of the
government’s plans to even up the economy,” said Ms Orr.
TUC general secretary Frances O’Grady welcomed the report recommendations.
“There’s widespread support now for elected worker seats on company boards, including from the Prime Minister,” she said.
“It would make sure boardrooms focus on long-term success, which would
encourage companies to invest in their staff and help working people to
get fairer pay deals. It’s the right thing to do, so let’s make it
happen.”Corporations’ role in amassing vast amounts of wealth was
highlighted in a Global Justice Now study released yesterday, showing
that corporations make up 69 per cent of the world’s 100 richest
entities. US transnational retailer Walmart is worth more than Spain,
Australia and the Netherlands.
Three Chinese state-owned companies —
State Grid, China Petroleum and Sinopec Group — are bigger than the
economy of South Korea.
In 2000, corporations already represented 51
per cent of the world’s top economic entities and this trend has
increased relentlessly throughout the years.
Global Justice Now
director Nick Dearden said the British government has facilitated the
rise in corporate power through tax structures, trade deals and even aid
programmes that help big business.
“The vast wealth and power of corporations is at the heart of so many of the world’s problems,” he said.
“The
drive for short-term profits today seems to trump basic human rights
for millions of people on the planet. These figures show the problem is
getting worse.”
Read more: Morning Star :: Britain: a NATION of have-nots | The Peoples Daily
