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When all austerity measures are taken into account, including cuts to public services and changes to taxes and welfare, the poorest tenth of the population are by far the hardest hit, seeing a 38 per cent decrease in their net income over the period 2010-15.41 By comparison, the richest tenth will have lost the least, comparatively, seeing a 5 per cent fall in their income.42 There is also continuing evidence that the very richest are faring much better since the economic crisis. The super-rich – the top one per cent of earners – pocketed 10p of every pound of income earned in the UK in 2010-11, up from 7p in 1994-5.43 Meanwhile, the poorest 50 per cent of the population took home between them only 18p in every pound, down from 19p.44 At the very top, Britain’s richest 1,000 individuals saw their wealth increase by £138bn in real terms between 2009 and 2013.45 Even measures designed to stimulate the economy have resulted in significant gains for the richest – the richest five per cent of households hold 40 per cent of the assets that increased in value as a direct result of quantitative easing46.47 All the while, the poorest tenth are taking home even less.48
Corporation tax has also fallen significantly in the last three years, at a time when the UK’s top companies are doing better than ever. As recently as May 2013, the FTSE 100 reached its highest level since 1999 and the FTSE 250 reached a new record.49