Economic and Social Inequality

Lord Morgan Excerpts

Thursday 18th June 2015 Lords Chamber

[Lord Ashton of Hyde]

My Lords, housing is of course extremely important. The effect on low-income families for housing is particularly acute so, as we all know, the Government are working on this. But the most important thing is that people in whatever kind of housing it may be are able to work and produce benefits for their families.

[Lord Morgan (Lab)]

My Lords, is not the main cause of inequality in fact inequality of wealth, which was not dealt with in the Answer? No Chancellor has attempted to deal with it since David Lloyd George quite a long time ago. However, have not the present Government made matters significantly worse by failing to tackle inheritance fairly and by failing to set proper taxation on wealthier property? Is it not appropriate to consider the Government’s policy on equality on Waterloo Day?

[Lord Ashton of Hyde]

My Lords, the facts do not bear out the noble Lord’s question. I accept that wealth inequality is higher than income inequality—although he is shaking his head—and that is the case both in the UK and across the OECD. However, it has not changed since records began in 2006. Internationally, the level of wealth inequality in the UK remains below the OECD average and significantly lower than that seen in the US.