Monday, May 09, 2011

Tough times for many - but the rich have got a lot richer

Large scale income inequality cuts quality of life and eats away at the fabric of society. Look at the evidence here . We should adopt income inequality as one of the key indicators of progress in our society and urgently enact measures to cut inequality (see ). It cannot be fair for instance that Bristol's first billionaire, businessman Peter Hargreaves (pictured) who now has a staggering personal fortune of £1,020 million, has seen his fortune soar by £450m in just 12 months when so many are losing their jobs, having their pay cut, having public services cut.

See this Post report on how A MIXTURE of Bristol's businessmen and celebrities made it onto this year's prestigious Sunday Times Rich List.

Also see this Post report on Peter Hargreaves

(If he has made an additional £450 million in 12 months and has a personal fortune of over £1 billion why does he say "When people ask me what have I done for this country, I tell them that I pay £10 million in taxes every year." ? Just a figure of speech? Or is this really the amount of tax he pays annually? £10 million is only 1% of his total reported financial wealth and only just over 2% of the £450 million he is reported to have seen his fortune soar by in the space of a single year!).