TUC: Economy and Steel

Economy is paying too little for work and too much for sitting on wealth, says TUC

18 December 2015

New figures published today (Friday) by the Office for National Statistics on UK household wealth paint a worrying picture of growing wealth inequality, says the TUC.

In cash terms for 2012-14 the top 10% owned £5.0 trillion of household wealth, which is 44.8% of total UK household wealth (£11.1 trillion). This is up from 43.6% in 2010-12.

The bottom half of the wealth distribution has seen its share decline. The least wealthy 50% had only 8.7% of total UK household wealth in 2012-14, which is down from 9.6% in 2010-12.

The TUC says that the growing share of wealth for those at the top reflects an economy that is too dependent on growth in the value of property and financial investments.

TUC General Secretary Frances O’Grady said:

“The economy is paying people too little for hard work, and too much just for sitting on wealth. It is making Britain more and more unequal, with those who are already rich moving even further ahead of the typical family.

“The government must reshape the economy to address the UK’s over-reliance on property and financial investments. Future growth must be built on the firm foundation of higher wages in both the public and private sectors, and investment in skills and industry.”

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Government needs a more active industrial strategy to save UK steel, says TUC

21 December 2015

Commenting on today’s (Monday) report from the Business, Innovation and Skills select committee, which criticises the government’s slow response to the UK steel crisis, TUC General Secretary Frances O’Grady said:

“The actions needed to save UK steel were always obvious, but the government has moved at a snail’s pace – and still hasn’t done all it could.

“Steel is an essential strategic industry for the UK. We will see many other industries down the supply chain suffer if it fails. The government must admit its mistakes and up its game, setting out an active industrial strategy to ensure a future for UK steel.”

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