Vince Cable responds to IPPR report on inequality
A report by the IPPR has revealed that wealthiest 10% of households have five times the wealth of the bottom 50% and nearly 900 times the wealth of the bottom 10%.
Liberal Democrat Leader Vince Cable commented:
“This report reveals just how unequally wealth in the UK is distributed.
"When the richest 10% of the population are almost 1,000 times wealthier than the poorest 10%, it puts the very existence of social mobility in 21st century Britain into question.
"Tackling inter-generational inequality and the growing concentration of wealth will require radical solutions, including reforms to the taxation of land, property and inheritance.
“Our current tax system, by focusing on income rather than wealth, facilitates the accumulation of unearned assets while punishing productive activity by individuals and businesses.
"The Liberal Democrats are the only party committed to changing this, in order to achieve the fundamental re-balancing our economy so sorely needs."