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Working people are facing unprecedented pressure on their household incomes. Average real wages are now no higher than they were in 2005. But while most people’s incomes fall, the wealth of multimillionaires and billionaires has reached record highs.
While millions of families are struggling to make ends meet, Porsche had a record year in 2022 and sales of superyachts have surged too. CEO pay is surging – up 23 per cent at FTSE 100 companies last year – and bankers’ bonuses are at their highest level since the financial crash. In short, wealth is being rewarded, work is not. Yet under our flawed system, this rising wealth is not being taxed fairly.