Poverty of Imagination

Income-inequality is already a talking point and, for an increasing number of people, a sore point too.

The Institute for Fiscal Studies' new data on the apparently unstoppable rise in earnings of the top 0.1 per cent will further fuel this debate.

To qualify for inclusion in the IFS's “very, very rich”, you need an income before tax of at least £350,000 a year. Seldom has there been such an outpouring of opinion on the concentration of wealth.

Their study, published last year, showed that the most affluent Americans are better off than at any time since the 1920s. The top 10 per cent now account for 48.5 per cent of income, and the top 1 per cent for 21.8 per cent of income.

Via The Times