RACHEL TOLD: TAX THE RICH

Plea for Chancellor to tackle widening wealth inequality

- BY LIZZY BUCHAN Political Editor

RACHEL Reeves has been urged to target the wealthiest in next month's Budget as the gap between Britain's richest and poorest has dramatically widened.

Researchers warn deepening inequality is creating risks to society, such as social unrest, failure to tackle the climate crisis, economic stagnation and even the decline of democracy.

A report today from the Fairness Foundation said the absolute wealth gap between the richest and poorest 10% in the UK deepened by 54% between 2011 and 2021 due to the rising value of assets like property.

It said inheritance and gifts have doubled over the past two decades to £100billion, and are expected to double again by 2040.

The richest 10% of families consistently own just over half of total wealth.