If all the wealth in the UK were split evenly amongst inhabitants...

[eurasa]

Where would we all sit?

If the assets/money of the 68 million inhabitants were collated and split between us all (for arguments sake let's say adults only, but trying not to get into the tiny specific semantics here), how much would we all get?

There are so many people with no assets and living in poverty, but then there are a number of people with such outrageous wealth.

I guess I'm asking where the mean would come out at.

(Just following a conversation between DH and I, who don't know economics enough to make a good suggestion! Not a journalist!)

So some are more capable than others. Yes I agree.

With this system you’d fast see the same people expand wealth and others require help, as it is now.

Yes there’s redistribution through tax. Some will always argue for more but it’s a fair amount from top centiles as it stands.

Equality isn’t about equal wealth. It is about aspiration and mental health and genes. If you have parents who love you, feed you, respect you, aspire for you - then growing up in the UK will most likely mean you end up reasonably “successful” if you have good enough genes and a slightly above average IQ (at least). Because you already have free education and healthcare and if you work hard, then you will be fine.
Even the Soviets knew that - so they got everyone to work and kids in high quality childcare from an early age and great summer camps and good education for all. From that perspective it worked. But what they had not factored in is “aspiration”. Some people sat back and didn’t aspire and neither did her kids.
The biggest leveller is aspiration. Lots of immigrant communities have huge aspiration and overcome poverty for that reason.

Yep and that capability is not rewarded. Look at wages vs wealth. Wealth does not equal fair reward and neither does wages.

Our society has become more unequal. How can you possibly conclude that it is a “fair amount” as it is? Redistribution isn’t working and wealth isn’t taxed appropriately.

How it is now isn’t working.

Children and those unable to work are obvious examples

History - and other parts of the world - tell us that children can work. There's no reason they shouldn't, really. Just "society". And since we live in a society that is quite happy to use children as hostages - as our beloved leader has admitted - then we really should be thinking outside the box.

"I mean what are children if not our meal ticket for the future ?" as someone recently asked.

then growing up in the UK will most likely mean you end up reasonably “successful” if you have good enough genes and a slightly above average IQ (at least)

Really….. How when wages have stagnated? Many young people cannot afford to buy homes, cannot support a family doing what were previously seen as respectable professional jobs?

So you’ll be sending your 2 year old to work then. Ok.

I was responding to the op’s idea which I found interesting. Imo it overlooks individual ability and would leave some to flounder and others would still be fine (or better).

If you’re arguing for another system that is not that then say what you want to see. It’s a different discussion but someone might pick it up.

We but shit from countries where fourteen year olds make shoes so my precious child doesn't have to. What was the point of Empire otherwise ? Just an opportunity for tea towel designers ?

*buy

Does the £300,000 include assets like housing? Because in that case, the answer is basically that everyone could own a very nice house in parts of Wales or a rabbit hutch in London!

This. Communism doesn’t work.

I think that there is enough wealth in the country for everyone to have a basic standard of living I.e. housing, food, energy, water, clothing, and for there to be richer people with luxuries. It’s no secret that the gap between the rich and the poor is increasing. I would like to see a society where rich couldn’t avoid proper taxation, also a society where people couldn’t exploit / harm the environment or people. Gambling for example is an industry where the majority of profits come from vulnerable people who have an addiction. Credit cards are sold at 0% interest but this only works because they’re banking on your circumstances changing before the 0% interest rate ends. Profit making companies are subsidised by our taxes as a lot of benefits are claimed by working people to give them an income which may cover the basics if they are lucky. There are a lot of unethical and hard selling techniques which are exploitative. I’m all for hard working people getting rewarded for their efforts but currently much of the wealth the rich have is due to exploitation and tax avoidance.

I mean, go and take a holiday in Venezuela op to live the dream.

TeenagersAngst
What would happen when a year later some people have spent everything and others have saved or invested and made more?

Start all over again?

I love this! So true (dh would be rich, I’d be broke😅)

I took the op's question to be mathematical money one

Not on which way is right one or rhat people should or should not do with their money or the governments

Mind you which country has the perfect way of living? I can't think of one

Are we talking about wealth or money? Because a good chunk of the wealth in the UK, especially that held by ordinary people, exists because we've artificially inflated the price of housing over the past couple of decades. Its a ridiculous system.

<rolls eyes>

It wasn’t an idea for actual implementation but a thought experiment.

It is quite a useful tool in philosophy and a way of getting to a solution. It doesn’t mean that the thought experiment is a solution in itself.

Exactly so my thinking is based on the op.

You would like another system (not sure what) to what we have now that isn’t the op’s idea, fine, that’s your prerogative but I’m sticking with this topic as I find it interesting.

Talking about it the op’s idea is the ‘thought experiment’ part.

I just point out that the current system we have does not reward ability and effort fairly. And it has very much got worse.

"worse" depends where you are standing. For our MPs and the people they represent, life has got (or gotten) better. Which is why we are carrying on with more of the same.

It has got worse since 70s but not in last decade by measurement. Inequality was highest in 2008 crash and has stabilised since.

It’s slightly different to op’s idea but what would you want instead? Can you describe the system you want to see

Most other Europeans countries are experiencing the same crisis as the UK. Fact is Europeans are inherently entitled and have a huge carbon footprint. Adjusting our expectations is going to be painful for the younger generation but the sooner we accept that the older generations were just lucky and that this is a new era, the better. There is no point moaning.
If we revert to some sort of socialist model and chuck out all the rich “immoral” companies we will end up even worse off on the whole. At least we can still support our disabled and the elderly, which many poor countries cannot. We need to accept we are not entitled to the same standard of living that our parents and grandparents have had and just work on our own happiness, in smaller spaces, with less heating and less products on demand. That stuff should not dominate happiness if expectations are adjusted. On the upside, we have huge technological content and innovation so we have many things the older generation did not. If our children end up living in smaller spaces, so be it. If they have to go back to eating seasonal local foods and travelling less- that isn’t necessarily a bad thing.

Yeah just eat swedes and walk. Builds resilience.

That's not the point I was making though? I was pointing out that its a fallacy to suggest that people are only motivated to do certain jobs because of huge salaries. I fail to believe that someone who is a hedge fund manager would decide to become a road sweeper if both jobs paid the same.

And do you think only the super rich have cleaners? And do poor people not deserve carers?!