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UK's wealth gap growing says Oxfam

By David Hughes

Published 13/09/2016

The richest 1% of the UK population now owns more than 20 times the total wealth of the poorest fifth, making the country one of the most unequal in the developed world, according to analysis by Oxfam
The richest 1% of the UK population now owns more than 20 times the total wealth of the poorest fifth, making the country one of the most unequal in the developed world, according to analysis by Oxfam

The richest 1% of the UK population now owns more than 20 times the total wealth of the poorest fifth, making the country one of the most unequal in the developed world, according to analysis by Oxfam.

The figures suggest that around 634,000 Britons are worth 20 times as much as the poorest 13 million and the charity urged Theresa May to take action to close the gap between the "haves" and the "have nots".

Oxfam's report suggested that the massive inequality in British society contributed to the vote to leave the European Union and called for sweeping reforms to big business. The report said: "The UK is one of the most unequal developed countries in the world. Three decades of high-level inequality have had a profound impact, leading many people to believe that they have little stake in society and to feel locked out of politics and economic opportunity.

The Oxfam report used data from Credit Suisse which showed the richest 10% UK population own over half of the country's total wealth (54%).

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