Nearly one third of all wealth in UK is inherited not earned

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Explaining the data:

This is important because wealth ownership in the UK is incredibly unequal and inherited wealth only goes to the richest few. Most people don’t own any wealth whatsoever, while only 13% inherit anything. The original data come from HMRC statistics on inherited estates, and the Attitudes to Inheritance Survey. 

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UK immigration: there are more British living overseas than immigrants in UK

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Top jobs dominated by ex-pupils from private schools: how wealth and power is passed on

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Explaining the data:

These figures are provided by research from the Sutton Trust – a summary of findings can be found athttp://www.suttontrust.com/ news/fast-facts/ 

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The people who need the least help get the most: Inequality deepens

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Explaining the data:

The Attitudes to Inheritance Survey carried out in 2004 surveyed 2,000 people about their experiences of and attitudes towards inheritance. Overall 24% of people reported having received a “gift worth £500 or more” from their parents at some point in their lives. Removing the effect of age differences, the predicted probability of people in the highest income group (those earning £52,000 a year or more) having received a transfer was 48%. The predicted probability for those in the lowest income group (£5-10,000 per year) was 12%.Looking just at people who had received gifts, people in the highest income category on average reported receiving a lifetime total of £16,067. For people in the lowest income category this figure was £7,739. 

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Housing is unaffordable for most people in normal jobs

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Explaining the data:

Average housing costs are calculated using the Valuation Office Agency private rental market statistics, plus data on energy and water bills from the Department for Energy and Climate Change and Ofwat.Gross incomes are calculated using pay data from Government sources. These include the NHS Careers website, the government teaching careers website and the annual survey or hours and earnings. Income tax, national insurance and council tax for Band A properties net of 25% single person’s discount (taken from a Department for Communities and Local Government report) are all considered. 

For full details visit http://www.inequalitybriefing.org/brief/briefing-23-explaining-the-data

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Family wealth more than ever influences ability to buy own house

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Explaining the data:

The main figure comes from the Council of Mortgage Lenders from Dec 2011,http://www.cml.org.uk/cml/publications/ newsandviews/104/390. The restriction to those under-30 is because at older ages people are more likely to be ‘returners’ (i.e. we are less confident that they are truly first-time buyers). 

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Millions of children go without essential items

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Explaining the data:

This data comes from a recent study by the Poverty and Social Exclusion research project, funded by the Economic and Social Research Council. The largest ever study of poverty conducted in the UK, it identifies people falling below what the public agrees is a minimum standard of living. It shows that over 30 million people (almost half the population) are suffering to some degree from financial insecurity. The full report can be found at http://www.poverty.ac.uk/sites/default/files/attachments/The_Impoverishment_of_the_UK_PSE_UK_first_results_summary_report_ March_28.pdf 

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