Are the rich really getting richer and poor becoming poorer?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 6 December 2019

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

The combined wealth of British households is up 13 per cent between 2016 and 2018 - with the average standing at £286,600.

But it's not all about house prices. In fact, the bulk of the rise is thanks to private pensions rather than property inflation, according to the Office for National Statistics.

And it says that despite plenty of election claims to the contrary the rich aren't getting richer - but does that claim stack up?

On this week’s podcast, Simon Lambert, Lee Boyce and Georgie Frost delve into the figures and ask: is financial inequality growing?

We look at whether a reader can retire at 58 with a £6,000 pension – but £420,000 in a savings account.

Meanwhile, as Vanguard reveals details of its new self-invested personal pension is this now the best home for cheap and easy retirement savings outside of the workplace?

On the not so bright side for investors, M&G has suspended trading on its commercial property fund as savers dash for their cash.

And finally, away from the serious stuff, we ask do you have to pay inheritance tax on a stamp collection - and just how much do you need to hold in Premium Bonds to have a strong chance of winning a £1million jackpot prize.

Transcript

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0:00.0	Welcome to This is Money. I'm Georgie Frost and alongside me and editor Simon Lambert today is Assistant Edna Zieg Boise.
0:06.9	And the rich are getting richer and the poor, well they're getting richer too, though not by as much.
0:12.6	What's it down to and is inequality really on the rise? No get rich quick schemes here. Slow and steady wins the race.
0:19.7	We take a look at Vanguard's move on the UK
0:21.6	pensions scene. We also read as question about retiring in their 50s, but they've only six
0:27.4	grand in their pension pot. Also stamp collections, inheritance tax and premium bond millionaires.
0:34.1	And don't forget you step to date with all the latest breaking money news, just go to this
0:37.3	ismoney.co.uk or download the app.
0:41.0	But first, we had figures out this week that showed the rich are getting richer, but so too is everyone else.
0:47.9	Just not quite by as much.
0:50.3	Now, the O&S says the combined wealth of British households has risen over the past decade.
0:55.1	It's up 13% between 2014 and 2018 alone.
0:59.5	Now, that's despite stagnating incomes.
1:01.9	But the richest 10% who hold 45% of the UK's wealth grew almost four times as fast between 2016-2018 than the poorest 10%.
1:14.9	Very good morning.
1:16.1	Lee.
1:16.7	Morning.
1:17.5	Why is that?
1:18.7	Well, this is a...
1:20.1	We're getting richer.
1:20.6	That's great news, isn't it?
1:21.9	Well, it is, and it isn't.
	...

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