IFS: Income disparity between UK's rich and poor families doubled

0
586

A new research reveals a widening adult pay gap between those born into Britain’s wealthier families and those from less well-off parents.

The Institute for Fiscal Studies (IFS) estimated that in 2012 a middle-aged man man whose parents were among the richest fifth of households earned an average of 88 percent more than those from the poorest families.

However, in 2000 the equivalent gap was just 47 percent.

“As well as having higher earnings, those from richer families are more likely to be in work, more likely to have a partner and more likely to have a higher-earning partner than those from less well-off backgrounds. And all these inequalities have been widening over time,” said Chris Belfield of the IFS.

There have been concerns regarding the dwindling social mobility in the UK, yet the new data will only exacerbate the issue and fuel the debate about income and wealth inequality within and between generations.

In 2016, when…

Read more