[IER] Rising Inequality and the role of collective bargaining

[Carolyn]

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> Rising Inequality: News and Updates
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> News
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> This week the Credit Suisse global wealth report has found that the top 1% wealthiest people own nearly 50% of global wealth, while the bottom 50% own less than 1% of the world’s wealth.  Once again, inequality is on the rise.
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> In almost all countries the wealthiest 10% of adults possess more than 10 times the median wealth, and the wealthiest 1% possess more than 100 times the median wealth.  The downward trend in economic inequality seen in the 20th century has stalled, and is possibly going into reverse and the economic recovery is benefiting only the rich.
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> The UK is faring particularly badly, as the only country in the G7 group of leading economies with wider inequality now than at the turn of the century.  The amount of Britain’s wealth controlled by the richest 10% increased to 54.1% this year, compared to 51.5% in 2000.  
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> Oxfam’s head of inequality, Emma Seery, said: 
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> “In the UK, successive governments have failed to get to grips with rising inequality. This report shows that those least able to afford it have paid the price of the financial crisis whilst more wealth has flooded into the coffers of the very richest.”
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> Collective Bargaining
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> There is a strong correlation between a lack of collective bargaining power and 
> high income inequality.  As Len McCluskey said at Labour party conference:
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> “Strengthening the collective rights of workers. Using trade union strength and collective bargaining to tackle inequality. Recognising that strong trade unions are not just a necessity to balance the power of the employer in the workplace, but to balance the power of the moneyed elite in society”. 
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> The IER works extensively on collective bargaining - more information on our research and publications, as well as Len McCluskey’s speech, are available here.
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