The world's eight richest individuals have as much wealth as the 3.6 billion people who make up the poorest half of the world, according to the latest Oxfam report.
According to new data from the Bank of England, consumer borrowing increased by its fastest rate for more than a decade in the run-up to the festive period, reaching levels not seen since the peak of the financial crisis. Consumer debt rose by 10.8 percent in total during the past 12 months – with credit card borrowing hitting a record high.
At the moment, give or take a bit of quantitative easing, all money is conjured into existence by private banks, 85% of it as loans on existing residential property. It’s a recipe for unaffordable housing and unmanageable private debt, but it’s also undemocratic; writes Zoe Williams in the Guardian, 9th January 2017.
"There is no clear change in direction", comments Fran Boait, Executive Director of Positive Money, on the autumn statement in the BBC Radio London interview.
When the Chancellor took office, he pledged to “reset” economic policy. And the Prime Minister, recognising the effects of the Bank of England’s policies on inequality, promised to bring about a “change”.