Don't be fooled: Britain's social ills can definitely be blamed on rising inequality

Guy Standing - 25 January 2019

Why the FT's economics editor is wrong to dismiss concerns about inequality.

In a dismissive and sarcastic review of a book Economics for the Many, edited by Shadow Chancellor John McDonnell, the Economics Editor of the Financial Times, Chris Giles, claimed that its messages were based on a false premise of growing inequality. According to him, ‘in fact UK wealth and income gaps have been stable for a generation’ (1). Earlier in 2018, in an article headed ‘Britain’s social ills cannot be blamed on rising inequality’, he elaborated on this claim, adding that ‘wealth inequality has also been stable for a decade’.

This opinion would not merit particular comment were it not for the fact that the FT is the most reputable newspaper dealing with economic issues in the country and probably in the world. The opinion of the Economics Editor would be taken seriously by a lot of people, here and abroad. And we may anticipate that the topic of changes in inequality will figure prominently in any General Election that may come in 2019... See more