growing wealth inequality poses risks to societal cohesion in the uk
A recent report by the Fairness Foundation suggests that growing wealth inequality could lead to societal collapse. An Opinium survey of 2,000 adults revealed that nearly two-thirds of Britons are worried about the political influence of wealthy individuals. The thinktank identified several potential triggers for a decline in social cohesion, including a loss of faith in democracy, economic shocks, and environmental crises.
The survey found that 63% of respondents believe the wealthiest have excessive sway over UK politics, a significant concern shared across various voter demographics, including 78% of Liberal Democrats and 56% of Conservatives.
The report, titled Inequality Knocks, compiled insights from 25 prominent figures in politics and academia during discussions at an event hosted by the Fairness Foundation and King’s College London. It highlighted that the wealth gap between the richest and poorest 10% in the UK has increased by 48% from £7.5 trillion to £11 trillion between 2011 and 2019.
Experts in attendance agreed that wealth inequality undermines social cohesion and erodes trust in democratic institutions. Warnings included various potential crises such as economic instability, climate-related events, and technological disruption.
Will Snell, Chief Executive of the Fairness Foundation, expressed surprise at the unanimous agreement among such a diverse group regarding the seriousness of the risks, stating that signs of the public losing faith in democracy are growing.
Katie Barnes from the National Preparedness Commission emphasised the need for resilient individuals and communities to combat future risks, while James Perry of Patriotic Millionaires UK found that wealth inequality could lead to strategic risks for the UK. Both called for urgent action to address these issues.
