A new film from LSE's Centre for Economic Performance shows how income and wealth inequality in the UK are higher than most people think they are and higher than they think they should be.
Using infographics, the film Inequality in the UK illustrates that the richest one per cent of households in the UK earns around 150 times more than the poorest one per cent of households.
However, there is even greater inequality in wealth than in incomes, with the top one per cent of households owning 13 per cent of the country’s wealth.
Three quarters of people in the UK think these levels of inequality are too high. Yet the difference between the richest and the poorest in the UK is increasing.
The film looks at how inequality has changed since the 1950s. It is getting much harder for people to move up the social ladder. For example, a child born to a family in the bottom quarter of earners in 1970 had much less chance of ending up as a top earner by the time they were 30 (13 per cent) than a child born in 1958 (17 per cent).
The film is produced for CEP by Econ Films. It draws on primary CEP research, as well as data from the Office for National Statistics, British Household Survey and research from the Institute for Fiscal Studies.
Posted 1 May 2014