Opinium survey of 2,000 adults found concern about the impact of growing wealth inequality in the UK. Growing wealth inequality is increasing the risk of societal collapse, according to a new Fairness Foundation report that shows nearly two-thirds of Britons are concerned about the political influence of very rich people. People losing faith with democracy, economic shocks and environmental breakdowns are some of the potential triggers for a decline or collapse in social cohesion, the thinktank said.
One warning sign of democracy being undermined is a lack of public trust in institutions, so it commissioned a survey of 2,000 adults by Opinium, which found 63% believe the very rich have too much influence on UK politics, compared to 40% for businesses and religious organisations, and 38% for international organisations, such as the EU and UN.
Voters are broadly united on the issue, with 78% of LibDem supporters, 67% of Labour, 65% of Reform and 56% of Conservatives agreeing. The report, Inequality Knocks, is based on observations from 25 senior figures from politics, government, academia, business and civil society at an event organised by the Fairness Foundation and King’s College London, when they were asked to assess the risks of wealth inequality.
The absolute wealth gap in assets between the richest and poorest 10% of the UK increased by 48% between 2011 and 2019 – from £7.5tn to £11tn. There was consensus among the experts that wealth inequality undermines social cohesion, and weakens institutions and public services, as well as public trust in government and democratic institutions.
