In Britain, the rich are richer but the poor far poorer than in Europe
But no one should be pleased with the fact that our weakest families have to live on incomes a staggering 20% lesser compared to those across the Channel (€14,700 v €18,500). That means higher poverty, lower living standards without a margin when things fail, such as a pandemic hitting. The point? Inequality isn’t about statistics — it’s all about the lives we live and the societies we occupy. If you would like to level up, it’s not difficult to see where you need to start.
When calamity strikes, people on low incomes face the toughest moment and at the UK their allowance of relaxation is thin Ask an economist how unequal the UK is and they’ll answer by reeling off our nation’s Gini coefficient — currently 33.5. This will not help you much. From time to time, they’ll note this is a high level of inequality, compared with 33.1 at Germany or 28.5 in France. Gini chat isn’t exactly what our newly reopened pubs are filled with. This week’s Insight comes in graph form to illustrate what abstract talk of distinct inequality levels means and why it matters.