Wealth gap in Britain widens over past decade: study

Source: Xinhua| 2017-06-20 15:00:12|Editor: Yang Yi
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LONDON, June 20 (Xinhua) -- The British think tank Resolution Foundation said in its latest report that the income inequality in Britain has been rising over the past decade.

The foundation found that just a tenth of adults own about half of the nation's wealth, and the top one percent own 14 percent of the total.

On the contrary, 15 percent of adults in Britain have neither a share of the nation's record 11.1 trillion pounds (14.1 trillion U.S. dollars) of wealth, nor debts dubbed "negative wealth."

The British government responded to the study, saying that income inequality is at its lowest level since the mid-1980s.

Besides, the foundation warned that "with home ownership steadily falling since its mid-2000s peak, the proportion of property wealth owned by the bottom four-fifths of the population has started to fall again."

"Given the hugely unequal distribution of wealth across Britain, it's time we looked into how the nation's wealth is divided up and what the consequences are for those who never build up assets of any significance," said Conor D'Arcy, policy analyst at the foundation.

According to a release of the Office for National Statistics last week, British wage growth lagged inflation in April as unemployment remained at its lowest level in 42 years.