Joseph Stiglitz event on inclusive growth
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This document summarizes the state of inequality in the UK. It discusses how inequality increased significantly in the 1980s due to falls in earnings at the top. Inequality has changed little recently as incomes have risen slowly across income distributions. However, inequality and relative poverty are forecast to rise in the next 5 years. The share of income for the top 1% has been steadily growing. While UK market income inequality is high, typical levels of redistribution offset this. Global inequality is falling, but tackling inequality remains an ongoing challenge.
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Joseph Stiglitz event on inclusive growth
- 1. Making inclusive growth a reality: how to tackle the inequality crisis Professor Joseph Stiglitz,Columbia University Rain Newton-Smith, Director of Economics,CBI Caroline Spelman MP Liam Byrne MP Torsten Bell, Resolution Foundation #inequality / @resfoundation Wifi: 2QAG_guest p: W3lc0m3!! 1
- 2. Fair shares? The UK inequality context Torsten Bell March 2016 @TorstenBell 2
- 3. The history: big change in inequality in the 1980s 3
- 4. The history: recent change driven by falls in earnings at the top 4
- 5. The present: little change to inequality as incomes rise (slowly) across the distribution 5
- 6. The future: inequality forecast to rise in next 5 years 6
- 7. The future: relative poverty forecast to rise in next 5 years 7
- 8. The top 1%: share of income steadily growing 8
- 9. The top 1%: latest tax return data suggests return to income growth 9
- 10. International perspective: high UK market income inequality 10
- 11. International perspective: high UK market income inequality, offset by typical level of redistribution 11
- 12. International perspective: global inequality is falling 12
- 13. Making inclusive growth a reality: how to tackle the inequality crisis Professor Joseph Stiglitz,Columbia University Rain Newton-Smith, Director of Economics,CBI Caroline Spelman MP Liam Byrne MP Torsten Bell, Resolution Foundation #inequality / @resfoundation Wifi: 2QAG_guest p: W3lc0m3!! 13
Notas del editor
- Gini coefficient rose from 0.27 in 1979 to 0.37 in 1990. Relatively constant in pre-crisis years. On a downward trend since 2006/07.
- Full-time earnings at 90th percentile fell by 8.4% between 2009 and 2012. Between 2009 and 2015 earnings fell by £107 per week at the 90th percentile and £21 per week at the 10th percentile.
- Strong income growth at bottom in recent years - NMW. Low inflation has supported real incomes.
- Reductions in welfare generosity including freezing of benefit spending – lower incomes at the bottom Forecast increases in earnings across the Parliament – higher incomes at the top
- Poverty rates have fallen over the last two decades, particularly among children. By 2020 the child poverty rate is expected to return to its 1997 level, driven by reductions in generosity of welfare.
- RF analysis of HBAI shows that gross income share of top 1% has risen from 7.4% in mid-1990s to 11% in 2011-2014. Smaller rise and lower level using net income: 5.7% to 7.7%
- Top 1% individual income increasing 3.4% in 2013/14 - first notable increase since the crisis. Since 10/11, post-tax income has grown by a smaller amount than pre-tax income in every year And on the IZA paper: Difference between tax & survey based measures widened in 2000s HBAI based measure around 1/5th smaller than SPI in 2007-08 Big fall in 10/11 likely a result of forestalling
- UK market income inequality is high among developed economies.
- UK market income inequality is high among developed economies. UK income inequality reduced by 1/3rd as a result of redistribution – from 0.52 to 0.34
- Global middle (p40-60) saw income growth of over 70% between 1988 and 2008 – China. Stagnation across developed economies (p80-90). Top racing away – over ½ of absolute increase in income to top 5%.