Mission accomplished: Poorest Brits officially have lowest share of total income since records began

After 13 years of Conservative government, the poorest in society officially have the lowest share of total income since records began, ONS data has shown.

Figures published this week show the richest fifth of people’s average household income before taxes and benefits was 14 times larger than the poorest fifth.

Original income inequality (before taxes and benefits) increased by 1.6 percentage points to 50.2 per cent between the fiscal year end of 2021 and 2022, while final income inequality (after taxes and benefits) increased by 0.6 percentage points to 29.9 per cent.

According to Jonathan Portes, a professor of economics at King’s College London, the bottom fifth of the population now has the lowest share of total income since records began in 1977.

Something to remember, perhaps, heading into this week’s by-elections.

Jack Peat

Jack is a business and economics journalist and the founder of The London Economic (TLE). He has contributed articles to VICE, Huffington Post and Independent and is a published author. Jack read History at the University of Wales, Bangor and has a Masters in Journalism from the University of Newcastle-upon-Tyne.