Five richest UK families have more than 12 million poorest
Five richest UK families have more cash than 12 million poorest Brits Wealthy elite's income growing four times faster than others.
The five richest families in the UK are wealthier than the bottom 20 per cent of the entire population and the gap between the rich and the rest has grown significantly over the last two decades, according to new figures published today by Oxfam.
The agency warned that just five UK households have more money than the poorest 12.6 million Britons - almost the same number of people as those living in households below the UK poverty line.
Oxfam's figures also show that over the past two decades the wealthiest 0.1 percent have seen their income grow nearly four times faster than the least well off 90 percent of the population.
In real terms, that means a wealthy elite have seen their income grow by £24,000 a year, enough to buy a small yacht or a sports car, whilst the bottom 90 percent of Britons' incomes have gone up by only a few pounds a week. The average UK salary is £26,500-a-year.
Growing numbers of Britons are turning to charity-run foodbanks, yet at the same time the highest earners in the UK have had the biggest tax cuts of any country in the world.
Ahead of this week's Budget, Oxfam is calling on the Government to re-balance the books by raising revenues from those who can most afford it, starting with the redoubling of efforts to clamp down on companies and individuals who avoid paying their fair share of tax and setting out a long-term strategy to raise the minimum wage to a living wage.
With 12 billion in welfare cuts still to come and pressure mounting to offer more tax cuts for the better off at the next election, the agency is also asking all parties to audit how their emerging manifesto policies would affect economic inequality in the UK.