Increasing income inequality in the UK

I thought this infographic showing income inequality was worth sharing (From the Equality Trust) –

income-inequality-uk-2

Unfortunately (if you think income inequality is bad!) things have got even worse since 2012!

Britain’s top executives are now paid around 130 times their average employee, according to analysis released today by the High Pay Centre think-tank. 

Income inequality has got a LOT WORSE in recent decades. In 1998, the average FTSE 100 CEO was paid 47 times their average employee, which means that while average incomes have stagnated in relation to the cost of living, the incomes of the very richest have almost trebled in 15 years.

The video below illustrates this in stark terms by comparing the typical wage of a nurse with that of a typical CEO, the headline figures being as follows:

  • A CEO earns as much in 3 days as a nurse does in a year.

  • A CEO earns more in a year than a nurse will earn in her entire life.

  • If we redistributed the income of the top 1%, then on average each household in the UK would be better off by £3K a year.

 Related questions you might like to think about include….

1. Why does such income inequality exist?

2. Is this fair? (are CEOs worth 130 times more than their average employee?)

3. Is income inequality good or bad for society?

4. If you’ve answered ‘no’, and ‘bad’ to questions 2 and 3, can anything be done about increasing income inequality?

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