Inequality Reduction is Vital Says World Bank Report

The World Bank has said its goal of eliminating extreme poverty by 2030 cannot be achieved without reductions in within-country inequalities. In a new report published today, Taking on Inequality, the World Bank said ‘inequality in outcomes and inequality of opportunity are intimately connected’ – with a level playing field impossible when such vast differences in economic resources exist. It reiterated that reducing inequality is also compatible with economic growth, and that some interventions can be good for long-term prosperity. The full report can be found here

Responding to the report, Wanda Wyporska, Executive Director of The Equality Trust, said: 

“If we want to reduce poverty, we need to reduce inequality. As the World Bank states, this doesn’t just mean ‘leveling the playing field’. When some parents have huge wealth and resources to support their children, and others have very little, it is clear opportunities are far from equal. Further segregation through an education system with more Grammar schools isn’t going to help. If we want all children to have a decent chance in life, and to fulfill their potential, we cannot accept a nation of Ferraris for some and food banks for others. 

“Reducing inequality is also compatible with boosting economic growth, and some policies can also be good for long-term prosperity. As we hear the Chancellor outline plans today to boost the UK economy over the coming months, we urge him to remember that inequality reduction must be at the core of both poverty reduction and economic growth strategy.”