More Indicators of rising wealth inequality

Not that you’d know it if you tuned into BBC breakfast…

Having avoided this show for over a month, I weakened this morning (well, I’ve got a slack work day coming up) – within 5 minutes I was reeling from the juxtaposition of an economic item on ‘low interest rates mean it’s not worth saving because of increasing inflation’ and ‘M and S’ posted a profit –

I mean here we have the BBC subtly telling the population to spend, because it ain’t worth saving and then the report that shows us the consequences – I mean what’s the message here – spend money on crap you don’t need in order to make the bosses of big companies money – and we’ll report that with a big smile on our faces.

This whole affair prompted me to do a bit of digging – here are some other interesting wealth juxtapositions

Firstly, the number of UK Millionaires has increased by 19% since 2008 –

  • New figures show there are 619,000 millionaires in UK today, up from 528,000 in 2008
  • There are 86,000 millionaires with a wealth of £5m or more living in the U

This stands in contrast to the fact even average earners are using their Savings to meet basic expenditures such as paying bills.

Secondly, housing prices are falling everywhere in the country – except for those in central London – where the rich live (the ‘top feeders’ as a friend of mine likes to call them) – of course for most ordinary home owners – who have mortgages with banks – do the banks really care if they lent them 300 000 five years ago and that house falls in value to 200 000? Of course they don’t – because mr mortgage still owes them 300 000 plus interest. The richest of course will just buy their houses outright.

Oh, and Crimewatch is on tonight – I can’t wait to see what delights of agenda setting that little gem holds.

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