Wealth Inequality

Baroness Hussein-Ece Excerpts

Wednesday 21st January 2015 Lords Chamber

[Lord Newby]

As the noble Lord will know, in terms of wealth, the largest assets held by most people in the UK are housing assets. The Government have taken a number of steps in terms of taxing high-value housing. There is a lively debate about that in terms of the upcoming election. As for income, I remind him that the top 1% is now paying 28% of all income tax receipts, the highest ever level.

[Baroness Hussein-Ece (LD)]

My Lords, does my noble friend accept that the evidence of growing inequality in society reflects the stagnation in social mobility? British society is becoming more and more unequal and polarised, with fewer opportunities for young people, particularly those from deprived backgrounds, to progress in the 21st century than was the case in the previous century. What steps are the Government taking to address that?

[Lord Newby]

My Lords, I make two principal points. The first is that the increased level of employment means that there are now 390,000 fewer children living in workless households, which sets a very important example in those households about their future life prospects. The other point to bear in mind is that there are now record numbers of people from disadvantaged backgrounds going to university, which, as we know, is one of the best ways of ensuring that people get a good, well paid job.