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Britain's Five Richest Families Worth More Than Poorest 20%

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http://www.theguardian.com/business/2014/mar/17/oxfam-report-scale-britain-growing-financial-inequality

The scale of Britain's growing inequality is revealed today by a report from a leading charity showing that the country's five richest families now own more wealth than the poorest 20% of the population.

Oxfam urged the chancellor George Osborne to use Wednesday's budget to make a fresh assault on tax avoidance and introduce a living wage in a report highlighting how a handful of the super-rich, headed by the Duke of Westminster, have more money and financial assets than 12.6 million Britons put together.

But these people have earnt it, unlike the poorest who can't be bothered to work and put in the effort to acquire wealth.

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.....who cares what the rich have, it is more to do with what a growing section of society don't have, that is mainly the lack of opportunities, influence and poor education......the things that keep the poor poor. ;)

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.....who cares what the rich have, it is more to do with what a growing section of society don't have, that is mainly the lack of opportunities, influence and poor education......the things that keep the poor poor. ;)

Exactly.

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One year to go until I can seriously look at 1-3 days a week contract work. Im just too disillusioned to earn much more of this low pay, low interest, low annuity, monopoly money any more. I have better things to do with my time.

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One year to go until I can seriously look at 1-3 days a week contract work. Im just too disillusioned to earn much more of this low pay, low interest, low annuity, monopoly money any more. I have better things to do with my time.

+1

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.....who cares what the rich have, it is more to do with what a growing section of society don't have, that is mainly the lack of opportunities, influence and poor education......the things that keep the poor poor. ;)

what nonsense, the amount of benefits a typical 'poor' family gets is equivalent to a £30-50k/year gross annual salary. There is zero 'poverty' in the UK these days, and almost no financial difference between the 'poor'/unemployed and the traditional lower/middle-middle classes.

There is a poverty of aspirations though, certainly.

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There is a poverty of aspirations though, certainly.

Yes if only the poor had better aspirations..they could end up like the Duke of Westminster.

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Yes if only the poor had better aspirations..they could end up like the Duke of Westminster.

Obviously royals and aristocrats didnt 'earn' their wealth, but how does that affect the lives of the 'poor' in any way? Most 'poor' people have the same amount of income as the middle classes once you adjust for taxes and benefits, they have noone to blame for their condition but themselves.

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Obviously royals and aristocrats didnt 'earn' their wealth, but how does that affect the lives of the 'poor' in any way? Most 'poor' people have the same amount of income as the middle classes once you adjust for taxes and benefits, they have noone to blame for their condition but themselves.

It denys them access to land for a start. Also the enclosure Acts generate a whole new poor, as people were turfed off ancestral lands, the same Acts which made the likes of the Westminsters rich.

The point I'm trying to make, is that being poor in the UK is a bit like being a monopoly player when all the board has been bought up and you don't have any 'houses' or 'hotels' to generate income.

I really don't know why we tolerate or respect property ownership gained through violence, corruption and theft several hundred to a thousand years ago. Its time these vast estates and unearned wealth were broken up either by force, or a via a land value tax.

Edited by aSecureTenant

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The point I'm trying to make, is that being poor in the UK is a bit like being a monopoly player when all the board has been bought up and you don't have any 'houses' or 'hotels' to generate income.

I really don't know why we tolerate or respect property ownership gained through violence, corruption and theft several hundred to a thousand years ago. Its time these vast estates and unearned wealth were broken up either by force, or a via a land value tax.

This.

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So it's not just Malaysian aircraft that mysteriously disappear off the radar. Where are the Windsors/Saxe-Coburg Gothas? If you added them in we'd get a far truer picture of inequality in the UK. Certainly the Hinduja brothers give little insight into the inequities of British society as most of their wealth is derived from the sub-continent.

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Only another 80% to go before people wake up. Then again it's only the 5 richest, what about the 10 richest families?

Oi !

Don't drag my family into this.

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The point I'm trying to make, is that being poor in the UK is a bit like being a monopoly player when all the board has been bought up and you don't have any 'houses' or 'hotels' to generate income.

How is that any different from being middle class, given that the incomes are essentially the same?

Also while 'poor' people dont have high net worth, they do have high incomes. And its not clear why they need wealth/savings anyway - if you are poor then the government will pay your rent indefinitely, so you dont need to worry about housing. If you have more children, you will be given a larger house. Your food/holidays/electronics are paid for by benefits. Your children get school for free. Your healthcare is free. What exactly am I meant be feeling sympathy for?

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What I find astonishing is that the poorest 10% have £7.8bn between them. That's £1,300 per person. I would have thought at that end of the spectrum they would all have negative balance sheets.

These statistics sound distinctly suspect to me, and based on that report seem pretty unsubstantiated. They are presumably published by Oxfam to stir up a bit of rich-hatred, but on closer analysis make me think the poor are doing pretty well. I'd suggest they make up some better ones.

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What I find astonishing is that the poorest 10% have £7.8bn between them. That's £1,300 per person. I would have thought at that end of the spectrum they would all have negative balance sheets.

It would be even higher than that if you done the accounting properly. For example, lets say someone has a secure tenancy in social housing. What would the market value of that be, if they were allowed to sell it? Probably £20-50k easily. That would be included in their net worth under any sensible (non-ideological) calculation.

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