Forty years after Margaret Thatcher came to power the true extent of neoliberal market reforms are still unravelling and inequality, as we are now hearing almost daily, has inexhorably taken a grip and harming society much more widely as a direct result with evidence of rising poverty its consequence.
The Equality Trust and High Pay Centre has average pay for UK workers calculated as £26,500. However, average pay conceals the reality for millions.
For instance, the top 0.1% are earning a few pounds over £1 million a year and the top 1% are earning an average £271,888. What this figure hides is the fact that the top FTSE chief executives are earning an average of £4.3 million and it takes them just 2.5 days to earn the average annual workers pay. These statistics do not include other successful groups such as self employed entrepreneurs.
The top 10% of UK workers earn £79,196. But the truth here is that this also includes the earnings of the top 1%, meaning the next 9% don’t really earn that figure.
What is grotesque is the next number that should shock everyone. The average pay of the next 90%, (by stripping out all earnings of the top 10%, including the 1% and 0.1% groups) leaves an annual income of just £12,969. Yes, you read that right. Stripping out the top 10% of average pay, leaves just £12,969 average pay for the remaining 90% of the population.
It gets worse.