LONDON: Britain risks following the rise in inequality seen in the United States which could weaken democracy, a Nobel Prize-winning economist said on Tuesday at the launch of a major review into differences in income, education and health.
Discontent with flat-lining living standards was seen as a factor behind the 2016 decision by British voters to leave the European Union. Theresa May, when she became prime minister soon afterwards, promised to help the"just-about-managing families". "But the other kind of getting rich, 'taking' rather than 'making', rent-seeking rather than creating, enriching the few at the expense of the many, taking the free out of free markets, is making a mockery of democracy," he said.He said Britain needed to ensure working people did not lose out because corporate governance was set up to favour shareholders, helped by the decline in the number of workers in trade unions.
However, inequality in total net household income has changed little since it rose sharply in the 1980s, thanks in large part to tax credits which seek to help lower earners.
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