Time to tackle the rentier economy.

There will always be savers and spenders. It doesn't account for the increasing inequality.

There are those who work hard are badly paid and are poor whilst their employers become billionaires. They will never have enough for their needs, never mind saving.
Who needs to have billions ?
We need a better distribution of wealth.

www.google.com/amp/s/www.forbes.com/sites/angelauyeung/2020/07/08/jeff-bezos-net-worth-hits-all-time-high-of-more-than-180-billion/amp/

Why would you earn this much and not reward your employees well.

newnanny
Given how low interest rates are, and that they may even go negative (as has happened in Switzerland) there is no incentive to save. Especially when inflation is biting into your savings.

Should’ve added the great big giant ZERO at the bottom of my last post . Which is the amount my children will inherit from me , the same amount I will inherit from my father and the same he inherited from his parents and so on.

The problem being is that no one ever gets that ever so very fortunate “leg up” .

annep1

www.google.com/amp/s/www.forbes.com/sites/angelauyeung/2020/07/08/jeff-bezos-net-worth-hits-all-time-high-of-more-than-180-billion/amp/

Why would you earn this much and not reward your employees well.

It's obscene, Anne .

Why does anyone need that much ?

I think the majority of us are somewhere in between these two extremes. We've struggled, had a mortgage at 15%, a failed endowment but our house is now paid for. It is not worth what houses are in the SE and London.
Should we need care the value of that would be gone in a couple of years although I would like to think that our children wouldn't have to struggle paying a mortgage or rent into old age, that an inheritance split between them would help.
We've paid our taxes and can't see why their inheritance should be taken by the government to be redistributed and none for their benefit as they don't even live in this country.

We need a lot more decent affordable social housing.

Exactly Gillybob. The IFS has calculated that approximately 10% of people born in the 70s and 80s will inherit more then it's possible to earn on the average wage from half a life time's earnings. Property prices have fuelled that and will mean that intergenerational wealth becomes a permanent fixture. That's not fair and doesn't promote aspiration.

The one nation Tories are calling for a tax on unearned wealth.

That’s a start, but they need to convince Johnson.

The only fair way to rectify this will be by increasing inheritance tax (or tax unearned wealth) GagaJo but those with a fair bit to pass on, won’t want that. And so it continues . Money passed down to money, down to money etc. Creating a very unfair advantage .

Whitewavemark2

The one nation Tories are calling for a tax on unearned wealth.

That’s a start, but they need to convince Johnson.

Maybe the inheritance tax threshold should be lifted to take into account the rise in house prices.

That way people in middle England / South East would not be punished for their houses increasing in price.

Increase it to £500,000 or £750,000.

We're exactly the same * Callistemon*.
We worked hard to buy our house and have some money to leave our children. I would hate to think the government would get their hands on it. Take it from those who have amassed great wealth from the labour of others.

In all honesty the sort of unearned wealth that is being talked about on this thread is not the sort of wealth that the economists talk about. They mean the sort of unimaginable wealth that brings power and influence that destroys democracies.

Inheriting a bog standard house is small beer, but I do take everyone’s point about unearned wealth from property.

Social housing should be a priority and also stopping the ridiculous system of buying your council home at a vastly reduced price.

The Labour Party stood on a platform of greater equality at the last general election. However, that was rejected by the electorate in favour of a party that would not even guarantee that standards workers have now would be maintained.

Thou shalt reap what thou shalt sow.

But can no one see that even an inheritance of a few £100k can make a massive difference .

Possibly Starting off with little or no mortgage, no student debt, no debt at all . Compared with someone who can’t even get a deposit together to get into the property ladder, afford to rent a decent home, loaded with student debts etc.

It’s a cycle that is rarely broken .

True gillybob and the inflation of property prices in London adds to the national problem. The suggestion above that inheritance tax on property value should be increased to £500,000 -£750,000 is well meant. But, many terraced properties in the north west/east are now owned by people who benefitted from the increase in property prices in wealthier areas. They're rental properties, often poorly maintained by absent landlords.
We need social housing at affordable rents, with security of tenancy. The right to buy should be stopped and a focus on affordable decent social housing returned to government policy.

gillybob

But can no one see that even an inheritance of a few £100k can make a massive difference .

Possibly Starting off with little or no mortgage, no student debt, no debt at all . Compared with someone who can’t even get a deposit together to get into the property ladder, afford to rent a decent home, loaded with student debts etc.

It’s a cycle that is rarely broken .

Yes I think that it is all contributing to a level of conomic equality that is getting worse and worse.

You could probably buy a street in my town for the cost of a decent semi in some parts of London . How can that be right ?

Grandad1943

The Labour Party stood on a platform of greater equality at the last general election. However, that was rejected by the electorate in favour of a party that would not even guarantee that standards workers have now would be maintained.

Thou shalt reap what thou shalt sow.

I have a great deal of sympathy for that viewpoint, Grandad.

It is somewhat ironic to read posts from known tory voters complaining about the economic conditions produced by tory policies...

But, you know, better dead than red...

gillybob

You could probably buy a street in my town for the cost of a decent semi in some parts of London . How can that be right ?

It is not right gillybob but I and most on here have no idea how to change it.

There is also a wide difference in house prices town to town and village to village in the South East.

I feel that some (not all) of the maga-rich do contribute to society, are employers and donate much of their fortune (JK Rowling, Steve Jobs are two).

gillybob, it's impossible to say, with certainty, what your children will inherit - if anything. Many elderly people need care and end up with little to nothing.

newnanny I assume you charge an affordable rent.

MaizieD in regard to your post @09:01 today, I have to agree that it is very ironic to see known Tory supporters stating there must be much more equality in Housing etc, when the Conservative Party get a great deal of their donations from Russian oligarchs who invest their dirty money in the British top end property market. ????

I am surprised as many as 10 % own two and a half million. Thought it would be much smaller.

annep1

We're exactly the same * Callistemon*.
We worked hard to buy our house and have some money to leave our children. I would hate to think the government would get their hands on it. Take it from those who have amassed great wealth from the labour of others.

annep I'd like to help my DC now but what we have saved would scarcely be enough to get the last one of them on to the housing ladder.
The others have managed it by themselves.

After reading this thread, I am now enlightened and have found out why the last DC can't get on the housing ladder despite being a hardworking teacher. It's because she has a tattoo.