For most people the New Year is traditionally a time for reflection and resolution; a time to look back on the successes and failures of the previous year and look toward solutions. In the spirit of this The Equality Trust has released research highlighting the urgency of one of the most alarming trends in modern economics: the rapidly widening gap in wealth inequality.
The wealth of the top 1,000 richest people in the UK was shown to have risen by over £28 billion last year, at an average of a staggering £892.55 per second. According to the organisation’s calculations, the sum of this increase could pay for 20 years’ worth of groceries for all of the UK’s food bank users, or buy houses for all homeless people living in London.
The research follows on-going and increasing concern over the widening income gap between the poorest and richest people in society. This is of particular concern in the UK, as it is one of the most unequal developed countries according to the generally accepted measure of inequality, the GINI index. The Equality Trust bases the urgency of it's work on research that shows convincing correlations between economic equality and the wellbeing of citizens.