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Wealth gap widening as result of coronavirus

Wealth gap widening as result of coronavirus

Research carried out by think tank the Centre for Enterprise, Markets and Ethics (CEME) has suggested that the UK’s wealth gap is widening as a result of the ongoing coronavirus (COVID-19) pandemic.

Around a third of individuals now have less than £1,500 in savings, the CEME found. In the three months to September, 314,000 workers lost their jobs as a result of the pandemic. Redundancies have caused many households to make use of savings they have stored up, according to the think tank.

However, a proportion of workers have strengthened their financial situation by saving more of what they earn. The CEME revealed that savings ratios have risen from 5% in 2019 to almost 30% in 2020.

Commenting on the research, Andrei Rogobete, Associate Director of the CEME, said: ‘Financial inequality is rising fast against a historic background of big differences between the wealth of the rich and the poor. The so-called wealth gap is becoming a chasm as lockdowns inflict the greatest pain on people with low paid, insecure jobs.’

 

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