Comments by "Guinness" (@GuinessOriginal) on "Sasha Yanshin"
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@lawrencebywater2112 ONS data shows that in 2022, incomes for the poorest 14 million people in the U.K. fell by 7.5%, while incomes for the richest fifth saw a 7.8% increase. Wealth in the U.K. is even more unequally divided than income. In 2020, the ONS calculated that the richest 10% of households held 43% of all wealth. The poorest 50%, by contrast, own just 9%. This has been massively exacerbated since then. The wealth gap in the UK widened by £1 trillion during the pandemic since 2020 with the richest 10% gaining £50,000 on average, an increase of £335 billion for the top 10% alone, according to research by the Resolution Foundation. The U.K. GDP was £2.23 trillion in 2022. The benefits of increased wealth during lockdown have been skewed to the richest 10% by a ratio of more than 500 to 1. Worldwide, the top 0.01% owned 11% of the global wealth by 2021, part of the trend towards a massive increase in wealth for billionaires. According to the ONS Chancel and Piketty World Inequality Report 2022, the wealth transfer has been so great that by 2023, the richest 50 families in the UK held more wealth than half of the UK population, comprising 33.5 million people.
I trust you’ll be happy to self reflect on how what you’re saying might be wrong.
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@lawrencebywater2112 you shouldn’t need reminding that extreme income inequality can have adverse consequences for social cohesion and economic growth. The protests and riots in France and across Europe are a symptom of this, and are only going to get worse. In the Ukraine they brought down the government in a coup, and there is a distinct possibility of this happening elsewhere. Ukraine hasn’t exactly had booming economy in recent years. In the US you saw a protest that had the potential to be an insurrection on January 6th. There are going to riots in Britain soon if something is not done, it is only a matter of time before something ignites the tinder box.
While the role of the state in addressing inequality is a subject for debate, with various economic theories offering different perspectives on the appropriate level of intervention, it is nevertheless a fact that ensuring economic opportunities are accessible to a broad segment of the population is a critical aspect of a well-functioning and sustainable economy. You mention that companies' objectives are profit maximization, and this leads to the efficient allocation of scarce resources. While this is a fundamental principle of markets in perfect competition in economics, you should consider the negative externalities associated with unrestrained profit maximisation by unchecked monopolies and oligopolies, that harms consumers and stifles competition, leading to adverse economic outcomes. Intervention and regulation by the state, such as price caps, windfall taxes and the monopolies and mergers commission, ought to play a crucial role in ensuring fair competition, protecting consumers, and maintaining a balanced economy.
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@lawrencebywater2112 Unilever, which includes brands such as Marmite, Persil, Dove, Lynx, Domestos and Hellmann's in its stable, reported a 20% rise in net profits to €3.9bn (£3.4bn) over the first half of its financial year.
Underlying price growth for the second quarter was 9.4%, despite underlying sales volumes falling by 0.2%, the company said. Another case of Oligopolies using market power to make supernormal profits through excessive price rises. The regulator, the Competition and Markets Authority (CMA), are going to investigate them for anti competitive practices and making excessive profits, although there’s no doubt under this government they will be cleared, just as the supermarkets were. Lobbying and political donations are important, as are the future corporate careers of those in charge of there CMA.
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