Gap between richest and poorest narrows

James Brokenshire has welcomed a new report from the Institute for Fiscal Studies which shows that the gap between the richest and poorest members of society has decreased since the financial crash of 2008, helped by a significant boost in employment levels that have disproportionately benefitted the poorest households.

Income equality has improved across the country, with a dramatic improvement in London, where the difference between the most and least well-paid have historically been more marked.

The IFS said that the results were achieved through a significant increase in the employment rate, which now stands at 74.9%, the highest rate seen since relevant comparable data was first collected in 1971. 

Commenting James said:

“These figures from the respected think tank the Institute for Fiscal Studies underline that income equality has improved since 2010, with the difference between the richest and poorest households decreasing.”

“Work remains the best route out of poverty and the Government remains committed to supporting even more people into jobs in addition to the 2.9million jobs that have been created since 2010. The Government has also increased  the national living wage and increased income tax thresholds to benefit those on those on the lowest earnings."