New statistics released today by the ONS highlight the huge scale of wealth inequality in the UK. Equality Trust analysis of these figures has found that the richest 1% of households has the same wealth as 54% of the population.

Duncan Exley, Director of the Equality Trust, said:

“The grotesque concentration of wealth in the hands of a tiny minority is fracturing our society, weakening our economy and giving disproportionate power to the richest. Unless policymakers adopt a clear goal of reducing the gap between the richest and the rest, they will have to govern an increasingly dysfunctional nation.”