According to the Office for National Statistics (ONS) one in eight homes in London, the South East, the South West and East Anglia is lived in by people whose total wealth is greater than £967,000.
This compares to just under one in 13 homes in the rest of Britain.
The figures mean that the south of England has 56 per cent more households inhabited by people worth over £967,000 than the Midlands, the North, Wales and Scotland. According to the ONS, wealth is made up of property assets, pension wealth, savings and other physical assets such as cars, furniture and jewelry.
OK, so houses are expensive in the SE of England. I think we knew this.
Ed Cox, a director at IPPR North, a think tank, said that the analysis is “the latest evidence of a growing North-South divide\”.
“With all political parties preaching ‘one nation’ politics it is about time they recognised that measures to rebalance the economy are simply not working and the country remains deeply divided,” said Mr Cox.
Brendan Barber, the general secretary of the TUC, said: “These figures show that too much wealth and power is concentrated in London and the South East. These regional inequalities are making whole areas of the country unaffordable, creating employment black-spots on other parts and are holding back our economy.”
No you fools. What we\’re looking at is evidence of less inequality than we usually think there is.
So, if we look just at incomes then those in London and the SE earn much more than those in the North. Ooooh, inequality!
But what we actually care about, if we care about it at all, is not inequality of income, it\’s inequality of consumption. And if those with the higher wages are having to pay more for their houses then we\’ve less inequality of consumption than we do of income.
Britain is less unequal than everyone screams it is.