By 2022, no pay rises for 15 years for most - whilst rich get richer

I note you omitted this IFS quote.

"IFS says top 1% have lost more proportionally in earnings than average workers this decade"


Doesn't fit your narrative though, so I guess it's not important.

but through the ownership of large blocks of land, shares, investments and property.

My full time salary in 2007: £13,700
My full time salary today: £51,200

I doubt by 2022 my wage will be flat compared to 15 years earlier.

Admittedly I did move from the private sector into the public sector in that time.

Just out of curiosity, how many houses should someone be limited to owning?

At the moment, because thw wealthy and many big corporations are not being taxed, we have government austerity. This leads to governments constantly ramping taxes on the poor and middle class (current Tory policy basically) and cutting services to the bone

The big companies are avoiding tax yes but the high tax bracket earners pay a lot of tax... I think it's something like the top 5% of highest earners pay more tax than the collective 95% of the rest of the population.

How much more tax should they pay? It's the rich people that allow the NHS, social housing, benefits system etc to exist. If you make it harder for them to earn they will just take their business elsewhere and the tax funded aspects of the government will suffer.

Consider someone who earns £700,000 a year, they'll pay £317,000 in tax! And people still complain they don't pay enough tax.

I think you are talking about very high earners rather than the very rich as such. As I said, it's a common mistake to assume that high earners = the truly rich. Very rich people tend to be untaxed or undertaxed, because they have access to avoidance / offshoring and because they don't derive their income primarily from salaries as such.

I wonder how much of this studies calculations if any are due to the ever increasing price of a home.

And if they do how much poorer we will be once rates rise on mortgages


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As far as I can tell reading their report, they are looking at earnings rather than assets. This is one of the key things, as clearly middle class and wealthy people, especially in the South East, have seen huge increases in property values for owners. This is notional money only (people have to live somewhere and, as you say, prices can crash downwards) but it tends to strongly affect access to credit, confidence in spending, etc.

The IFS, one of Britain's most trusted economic information centres, predicts on the basis of the Chancellor's statement yesterday that by 2022, real average earnings will be no higher than they were in 2007.
https://www.theguardian.com/politics/blog/live/2017/mar/09/circumstances-have-moved-on-hammond-defends-breaking-tory-manifesto-promise-on-nics-politics-live

The head of the IFS said: "Income and earnings growth over the next few years still look like being weak. On current forecasts average earnings will be no higher in 2022 than they were in 2007. Fifteen years without a pay rise. I’m rather lost for superlatives. This is completely unprecedented."

The main aim of current government policy appears to be to keep the majority on a stagnating income, whilst staggering growth in the income and wealth of the richest in society continues. For bankers, hedge fund managers, CEOs and top executives, there has been no stagnating pay, but year after year of huge increases.

The Conservatives offer nothing to most voters. People are conned into supporting them at election time.

This is why we need plenty of scapegoats.

1. Immigrants.
2. Muslims.
3. Disabled people.
4. Parents with lots of children.
5. Self employed Fat Cats.

The Conservative Party have used GDP growth and job figures to demonstrate the strength of the economy. Their docile supporters have unquestionably accepted this.

But if you scratch below the surface, you find a more moribund situation.... poor productivity, a rise in low paid jobs, woeful investment in science and technology, etc. The FT nicely summarised the situation: