https://www.thetimes.com/article/889c52ea-8f15-4767-8164-9b33d891d2c5?shareToken=56c991cfd097db51f13e9c85886613ba
Spiralling Inequality is a Ticking Timebomb for the Next Government
In the dim glow of an English twilight, as the shadows lengthen and the air grows cool, one might find solace in the serene beauty of the countryside. Yet beneath this tranquil veneer lies a disquieting truth—a truth that, if left unaddressed, will surely disrupt the delicate balance of our society. Inequality, in its many insidious forms, has become an unrelenting spectre, threatening to unravel the very fabric of our nation.
One cannot help but feel a profound sense of urgency when confronted with the stark reality of our current predicament. Consider the plight of fifteen million souls, nearly a quarter of our population, who languish in the grip of poverty. Meanwhile, the wealthiest twenty percent hold dominion over two-thirds of the nation's wealth, and a mere one percent possess half of its land. This is not merely an imbalance; it is a chasm, a gulf that separates the fortunate few from the struggling masses.
And what of our children, those beacons of hope and promise? Disadvantaged youths find themselves nearly nineteen months behind their peers by the time they reach their GCSEs. It is a sobering thought, for it means that we are failing our future, condemning them to a cycle of unrealized potential and unfulfilled dreams.
In the richer boroughs of our cities, the well-heeled enjoy an additional eighteen and a half years of healthy life compared to their less fortunate counterparts. Such disparities are a testament to the pervasive and pernicious effects of inequality on our society. It is a cruel irony that those blessed with wealth are granted the luxury of time, while those burdened by poverty are denied even this most fundamental of human rights.
The inequities extend beyond mere wealth and health. They seep into the very foundation of our tax system, where the affluent—those who command incomes of ten million pounds a year—pay an effective tax rate of just twenty-one percent, akin to that of a modest earner of thirty thousand pounds. This is because their fortunes are derived primarily from capital gains, taxed with a leniency that borders on the absurd.
It is little wonder, then, that a pervasive sense of injustice has taken root among the British populace. Eighty-five percent of our citizens express concern over the state of inequality in our land. They sense, with an instinctual clarity, that the scales of fairness have tipped too far. It is not merely a question of economics, but of morality, of what is right and just.
There are three pillars to this concern. The first is a simple, yet profound, recognition of unfairness. It offends our collective conscience that a child born into poverty should be denied the same opportunities as one born into affluence, or that the wealthy can exploit a different set of rules to their advantage.
The second pillar is the corrosive impact of inequality on our society, economy, and democracy. We stifle the potential of countless would-be entrepreneurs, fostering instead a culture that rewards extraction over creation. Our social fabric frays as the wealthy wield disproportionate influence, eroding trust and cohesion.
The third pillar is the unsettling realisation that the future promises only to exacerbate these divides. The Institute for Fiscal Studies warns that inherited wealth will increasingly dictate lifetime earnings, heralding an unprecedented and unequal transfer of resources from one generation to the next.
To counter this ominous trend, bold and decisive action is required. The next government must embark on a journey to redress the balance, to forge a society where opportunity is not a privilege, but a right.
We must start by aligning capital gains tax rates with those of income, ensuring that wealth is taxed equitably. The draconian two-child limit on benefits should be abolished, lifting 250,000 children out of poverty at a stroke. A substantial increase in the supply of social housing is imperative, as is the guarantee of affordable, quality early-years provision for all children.
Employment reforms are also crucial. Zero-hours contracts must be banned, and a real living wage ensured through the cooperation of responsible businesses and trade unions. These measures would provide stability and dignity to the working populace.
Funding these initiatives need not burden the taxpayer. By empowering HMRC with additional resources to close the £39.8 billion tax gap, we can secure the necessary funds. This investment would yield substantial returns, with every pound spent generating fourteen pounds in additional tax revenue.
Investing in a fairer society is not merely an altruistic endeavour; it is a pragmatic one. By fostering success irrespective of one's birth, we cultivate a more prosperous and harmonious nation. If we fail to act, the consequences will be dire. The spectre of extreme political shifts looms on the horizon, a stark reminder of the stakes at play.
In conclusion, "Spiralling Inequality is a Ticking Timebomb for the Next Government" is a clarion call to action. It presents a meticulously crafted argument, rich with thoughtful and practical solutions. The structure is clear, the prose engaging, and the vision compelling. As we stand at this crossroads, the choice is ours: to act decisively and create a fairer society, or to ignore the warning signs and face an uncertain future. The time for action is now.
Time for your annual checkup Sir Keith?
