Increasing inequalities

“UK [is the] most unequal country in the west” According to the Telegraph the UK has a rich and poor gap the same size as Nigeria and worse than Ethiopia.

It was the view of Margaret Thatcher and Ronald Reagan that if the rich got richer then everybody would benefit. Thatcher even called on us to “glory” in this society of inequality. However, now the Organisation and Economic Cooperation, the Rich Nations Club and the World Bank are going against it. In addition, many economists are saying that this unequal type of economy will hinder growth. Michael Bruno, chief economist of the World Bank said “Reducing inequality not only benefits the poor immediately but will benefit all through higher growth”. I agree with this statement as this means more people will be able to do more spending thus increasing economic growth. Although the rich obviously have copious amounts of money, this doesn’t mean they will be able to buy as much as the extensive middle class should the inequality gap be much smaller than it currently is.

London takes pride in being the number 1 richest city in western Europe. This is contrast with the poorest regions in the UK also being the poorest in Europe. West Wales takes the number 1 spot of being the poorest region in western Europe followed by Cornwall, Durham and Lincolnshire with Hainaut in Belgium at 9th place being the first non-UK poor region. London is also home to more billionaires than any other city in the world with a property market increasing faster than any other part of the UK, according to the Sunday Times Rich List. These facts just go to show how prevalent inequality in the UK is.

This shows how economically diverse the UK is and how separated London is from the UK. To put it generally, when the rest of the world thinks of England they think of London not Manchester, Birmingham, Cambridge or any other large city. London is on a par with New York as one of the top world cities and the main reason the UK is the 6th biggest economy in the world is because of London being an Alpha++ city.


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