It is time for action on economic inequality in London
London has the largest gap between rich and poor of any city in the developed world. Evidence from The Spirit Level and beyond shows that the greater this gap, the greater the problems for all, rich or poor. Crime, distrust and anxiety increase. Education, health and social mobility suffer.
Economic inequality harms everyone. It also costs the taxpayer. The My Fair London Group believes that those with power must do something to address this urgent problem and so do the vast majority of Londoners.
Positive Money – find out more at our next public meeting on Monday July 27th
The next My Fair London Public Meeting will be on the subject of Positive Money which is a movement for a banking system (and an approach to money itself) that works for people and society, not against it. Positive Money have some practical proposals that could change the way the create money and make our economy works for the better.
A Fairness Commission for London – MFL acts
My Fair London established the London Fairness Commission at the end of last year supported by Toynbee Hall.
It will review the evidence on inequality and how it affects London, and devise policy recommendations for the Mayor, the GLA and London Councils to make London a fairer place.
To this end it will undertake an evidence based enquiry to examine the costs and consequences of economic inequality, setting out the impact on ordinary Londoners and the threats which inequality poses to the London economy in the long term.
The Fairness Commission is funded by the Trust for London, Tudor Trust, City Bridge and London Funders.
Click here to read more about the Commission.
The first of these studies, the Rapid Evidence Review has just been completed by the Centre for London on behalf of the London Fairness Commission. This review looks into the varying levels of deprivation, income and wealth across London.
Some of its discoveries include:
· London has the highest rate of both child and pensioner poverty of any UK region.
· London has higher levels of youth, female, disabled, and ethnic minority unemployment than the rest of the country.
· Over 26 % of London accounts for 20% of the most deprived areas in England.
· Real wages have fallen faster in London than anywhere else in the country, while it has the highest inequality of income of any UK city.
· The top 10% of London households have 172 times the wealth of the bottom 10% of London households.
Click here to read more the full review.