The UK is now a poor society with some very rich people.
The top-earning 3 per cent of UK households each took home about £84,000 after tax last year. This puts Britain’s highest earners narrowly behind the wealthiest Germans and Norwegians and better off than the rest of the global elite.
The weathiest 3 per cent in the UK can continue to sneer at our European neighbours.
It is a different story for the average UK household.
The average UK household is now 20 per cent worse off than its peers in north-western Europe. In 2007, that figure was just 7 per cent.
The average British household is £8,800 poorer than its equivalent in five comparable countries, research has found.
On present trends, the average Slovenian household will be better off than its UK counterpart by 2024, and the average Polish family will move ahead before the end of the decade.
It is worse still for the lowest earning households in the UK/
Our lowest earning households are far poorer that any of our peers in in north-western Europe. The poorest in Ireland have a standard of living almost 63% higher than the poorest in the UK.
Far from simply losing touch with their western European peers, the poorest people in the UK are closer to the poorest in former Eastern bloc countries Slovenia and the Czech Republic.
The lowest-earning bracket of British households has a standard of living that was 20 per cent weaker than their counterparts in Slovenia.