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Eldorado

Total private UK wealth surges to £14.6T

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Eldorado

"Britain’s richest people are seeing their wealth grow almost four times faster than the poorest, and London is enjoying rapid growth while other regions fall behind, official figures show.

"Total UK wealth surged 13 per cent to £14.6 trillion between 2016 and 2018 with rising property values and pension pots accounting for most of the gains, the Office for National Statistics said.

"The richest tenth of the population saw their wealth rise 11 per cent while the poorest experienced a 3 per cent gain."

Full report at the Independent: https://www.independent.co.uk/news/business/news/wealth-inequality-faster-richest-people-uk-ons-a9234386.html

At the ONS: https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins/totalwealthingreatbritain/april2016tomarch2018

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ExpandMyMind

Imagine what good could be done if even 1/10 of that was invested back into schools, infrastructure, the NHS or any public fund.

The sad thing is that they are getting so wealthy because of tax cuts and loopholes that just keep growing. A sizeable portion of that £14.6 trillion would already be going to use.

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stevewinn

Well if they dont like their lot they'll have to work harder. no point standing still waiting for Labour to bring everyone down to the same level.

in everyone's ancestry everyone was once poor until someone done something about it.

Like myself, i use to vote labour, that's when i was young and didnt know better. and then i realised that every time i tried to better myself the more i was penalised by labour, i remember moving in with my first girlfriend and i was £10 better off a week working than being on benefits. (by the time rent/council tax deducted) i mean labour was quite happy for me to be better off on benefits. but i chose work and to do something about it. put myself through all sorts of training at my own expense. and once i started climbing the ladder rung by damn rung Labour were their again greasing the rungs hoping i'd slip down like snakes n' ladders.

 

 

 

 

 

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third_eye

Oh darlings, we'll meet again... I know we will... 

Quote

 

[00.03:05]

~

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stevewinn

Do you always have to communicate through song lyrics. Just type no one can be arsed listening. 

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ExpandMyMind
1 hour ago, stevewinn said:

Well if they dont like their lot they'll have to work harder. no point standing still waiting for Labour to bring everyone down to the same level.

in everyone's ancestry everyone was once poor until someone done something about it.

Like myself, i use to vote labour, that's when i was young and didnt know better. and then i realised that every time i tried to better myself the more i was penalised by labour, i remember moving in with my first girlfriend and i was £10 better off a week working than being on benefits. (by the time rent/council tax deducted) i mean labour was quite happy for me to be better off on benefits. but i chose work and to do something about it. put myself through all sorts of training at my own expense. and once i started climbing the ladder rung by damn rung Labour were their again greasing the rungs hoping i'd slip down like snakes n' ladders.

 

 

 

 

 

Ah, the old, 'I did it so everyone else can do it and anyone who doesn't is just lazy' myth.

The fact of the matter is that there simply aren't enough quality jobs to go around. You went and got training, and that's great and you should be proud of yourself. But let's say everyone who worked in your industry went and did the same thing at the same time, like you suggest people should do. You'd be in the exact same boat as you were before, unable to stand out and qualified in an industry saturated with qualified applicants. See my point? 

The idea that 'anyone can make it' is complete bull****. In fact, capitalism depends on the opposite being true. Not everyone can own their own business or have a great paying job and, in fact, a large portion of the jobs that make up the unemployment figures are pure garbage, low-quality employment or part-time positions. So even the unemployment figures are fudged to make it look like there are more employment opportunities than are actually available.

And that's fine. Our system by design can make up for this by taxing the supremely wealthy an historically fair amount. But this hasn't been happening for generations and we're seeing our entire system crumble, from the NHS to education to infrastructure. The wealthy are getting much wealthier while the poorer and getting much poorer. It is simply unsustainable.

And we, as your posts shows, are being taught to hate downward. We're being taught to blame the poor for them being poor, which is disgusting. Here, in a post about 14-****ing-trillion quid just sitting in bank accounts, you make a post blaming the poor. Do you have any idea just how much money that is? Let me give you an example that might help you envision £1 billion.

You could make £1 per every single second and after 11 days you would be a millionaire. It would take you over 30 years of making £1 per second to make £1 billion. 

That's the difference between a million quid and a billion. That's the difference in scale we're talking about here. In fact, for you to make £1 trillion it would take 30,000 YEARS of making £1 per second. 

To horde that wealth is nothing but pure, disgusting greed. No one needs £1b and everyone who makes anything near that amount should be paying full tax, otherwise the society as a whole suffers.

And on a side note, how much do you think people on benefits get? Not including child-support, the maximum is around £6,500 per year for people with serious health conditions. For someone just deciding not to work (like you suggest in your post) it's around £3,500 per year (Jobseekers  Allowance). Then they have housing benefit which amounts to something like £65 per week and only applicable to people not living with parents or family. So let's say another £3,500 per year, for some people. So, £9,000ish is the maximum for someone with severe mental or physical disability and someone just deciding to claim JSA is on around £3,500- £7,000 per year, depending on whether they live alone and not with family.

You ever had to claim JSA and live on £70 per week? Unfortunately, I have. In the winter, £30 goes straight to heating and electricity, then you have to pay water (not included in housing benefit) at around £5, phone and internet if you want to actually get a job or interact with society, £7. 

So you're left with around £30 per week for food, clothes, general living and upkeep. You have no money for anything. God forbid you're addicted to nicotine or have a dog. No one who isn't ****ed in the head thinks to themselves, 'I'm just going to live on benefits'. It's hell and nothing like the picnic you appear to believe.

Edited by ExpandMyMind
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stevewinn
22 minutes ago, ExpandMyMind said:

Ah, the old, 'I did it so everyone else can do it and anyone who doesn't is just lazy' myth.

The fact of the matter is that there simply aren't enough quality jobs to go around. You went and got training, and that's great and you should be proud of yourself. But let's say everyone who worked in your industry went and did the same thing at the same time, like you suggest people should do. You'd be in the exact same boat as you were before, unable to stand out and qualified in an industry saturated with qualified applicants. See my point? 

The idea that 'anyone can make it' is complete bull****. In fact, capitalism depends on the opposite being true. Not everyone can own their own business or have a great paying job and, in fact, a large portion of the jobs that make up the unemployment figures are pure garbage, low-quality employment or part-time positions. So even the unemployment figures are fudged to make it look like there are more employment opportunities than are actually available.

And that's fine. Our system by design can make up for this by taxing the supremely wealthy an historically fair amount. But this hasn't been happening for generations and we're seeing our entire system crumble, from the NHS to education to infrastructure. The wealthy are getting much wealthier while the poorer and getting much poorer. It is simply unsustainable.

And we, as your posts shows, are being taught to hate downward. Here, in a post about 14-****ing-trillion quid just sitting in bank accounts, you make a post blaming the poor. Do you have any idea just how much money that is? Let me give you an example that might help you envision £1 billion.

You could make £1 per every single second and after 11 days you would be a millionaire. It would take you over 30 years of making £1 per second to make £1 billion. 

That's the difference between a million quid and a billion. That's the difference in scale we're talking about here. In fact, for you to make £1 trillion it would take 30,000 YEARS of making £1 per second. 

And on a side note, how much do you think people on benefits get? Not including child-support, the maximum is around £6,500 per year for people with serious health conditions. For someone just deciding not to work (like you suggest in your post) it's around £3,500 per year (Jobseekers  Allowance). Then they have housing benefit which amounts to something like £65 per week and only applicable to people not living with parents or family. So let's say another £3,500 per year, for some people. So, £9,000ish is the maximum for someone with severe mental or physical disability and someone just deciding to claim JSA is on around £3,500- £7,000 per year, depending on whether they live alone and not with family.

You ever had to claim JSA and live on £70 per week? Unfortunately, I have. In the winter, £30 goes straight to heating and electricity, then you have to pay water (not included in housing benefit) at around £5, phone and internet if you want to actually get a job or interact with society, £7. 

So you're left with around £30 per week for food, clothes, general living and upkeep. You have no money for anything. God forbid you're addicted to nicotine or have a dog. No one who isn't ****ed in the head thinks to themselves, 'I'm just going to live on benefits'. It's hell and nothing like the picnic you appear to believe.

It's a world of opportunity. Have you seen the size of the place. 7 continents 6 habitable. 29 thousand miles in circumference. 

Join the navy. 

 

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ExpandMyMind
2 minutes ago, stevewinn said:

It's a world of opportunity. Have you seen the size of the place. 7 continents 6 habitable. 29 thousand miles in circumference. 

Join the navy. 

 

Yeah, it's the same concept as the American Dream.

The thing about the American Dream? “It's called the American Dream because you have to be asleep to believe it.” - George Carlin.

Edited by ExpandMyMind
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The Wistman

Are these figures exclusive of wealth stored in off-shore tax havens?

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L.A.T.1961
23 minutes ago, The Wistman said:

Are these figures exclusive of wealth stored in off-shore tax havens?

The report say's UK wealth surged 13 per cent to £14.6 trillion between 2016 and 2018 with rising property values and pension pots accounting for most of the gains. 

So this report has nothing to do with how much folks earn. If government wanted to access some of this money then it would require taxing private pensions or the increase in property values causing long term pensioner poverty and taking money from those who happen to live in areas with higher property values. 

Its strange, there was a time when this would have been thought a good news story. ;)

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itsnotoutthere

Ah, the politics of envy rears its ugly head......must be an election coming up.

The attached article states that London has seen rapid growth whilst other parts of the country lags behind. I would suggest that is because London is so full of wealthy foreign immigrants, Russians, Arabs, Chinese business people buying up lots of expensive property etc. 

Again as Ive said elsewere, a big reason causing a lot of these structural problems is over population, and with most immigrants (legal and illegal) heading for the capitol you're going to get these disparities in wealth. Once this country gets to grips with immigration and controlling the population (if ever) then they can begin to take steps to correct these problems.

Heard an item on the radio a few days back stating that at the present rate of immigration we need to build a city the size of Birmingham every couple of years, how anybody can argue that this doesn't impact our infrastructure in a negative way is either making a political point or just in denial. And before some idiot says it, controlling immigration has got nothing to do with racism and everything to do with economics.

Edited by itsnotoutthere
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