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Total consumer credit lending to individuals at the end of Feb 09 was £231bn. This has continued to slow to 3.4% in the
last 12 months.
- Government backed Insolvency Service increase fees by 25 per cent
- Value of debts written off by UK banks up by over 25 per cent
- The Limit on contactless card payments increases to £15
- UK credit card debts left to pile up
- Ex Government Advisor says credit card interest rates are excessive
- ?Missing? credit report information could affect your ability to get credit
- Highest Credit Card Interest Rates since 1998
- Mortgage applications up 14% in January
The UK Wealth gap is wider now than 40 years ago
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29th January 2010
The UK Wealth gap is wider now than 40 years ago
A newly commissioned government report says that the gap between rich and poor is wider now than it was 40 years ago.
The National Equity Panel, set up by the government in 2008, found that huge differences still remain between minority groups and also men and women when it comes to employment and pay.
Of the people who have worked in what is classed as a top profession, fifty per cent of them have net assets worth more than £900,000. This compares to only ten per cent of unskilled workers having total assets worth less than £8,000.
The report also revealed apparent discrimination against people from ethnic minorities. People from nearly every minority group were also reportedly less likely to be in paid employment than white British men and women.
Equalities Minister Harriet Harman said: “ sustained and focussed attention” would be needed and "But for the sake of the right of every individual to reach their full potential, for the sake of a strong and meritocratic economy and to achieve a peaceful and cohesive society, that is the challenge that must be met."
Professor John Hills, who is the National Equity Panel Chair said "The challenge that our report puts down to all political parties is how do you create a level playing field when there are such large differences between the resources that different people have available to them. “
"Things that allow you to buy a house in the catchment area of a good school or allow you to help your children get on the housing ladder. These are very big differences."
The study said that the type of job and pay a parent had could have a cumulative effect throughout a person's life, setting them on "tracks that make all sorts of differences".
The report also said that the gap between rich and poor could be ‘colossal’ by retirement age. -
