{"id":31237,"date":"2018-02-19T11:47:49","date_gmt":"2018-02-19T16:47:49","guid":{"rendered":"http:\/\/olduvai.ca\/?p=31237"},"modified":"2018-02-19T11:47:49","modified_gmt":"2018-02-19T16:47:49","slug":"latest-wealth-data-shows-disproportionate-gains-to-the-rich-during-era-of-qe","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=31237","title":{"rendered":"Latest Wealth Data Shows Disproportionate Gains to the Rich During Era of QE"},"content":{"rendered":"<header class=\"entry-header\">\n<h3 class=\"entry-title\"><a href=\"http:\/\/positivemoney.org\/2018\/02\/latest-wealth-data-shows-disproportionate-gains-rich-era-qe\/\">LATEST WEALTH DATA SHOWS DISPROPORTIONATE GAINS TO THE RICH DURING ERA OF QE<\/a><\/h3>\n<\/header>\n<div class=\"singular-featured-image\"><img loading=\"lazy\" decoding=\"async\" class=\"attachment-full size-full\" src=\"http:\/\/positivemoney.org\/wp-content\/uploads\/2018\/02\/Notes-and-coins.jpg\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" srcset=\"http:\/\/positivemoney.org\/wp-content\/uploads\/2018\/02\/Notes-and-coins.jpg 960w, http:\/\/positivemoney.org\/wp-content\/uploads\/2018\/02\/Notes-and-coins-300x200.jpg 300w, http:\/\/positivemoney.org\/wp-content\/uploads\/2018\/02\/Notes-and-coins-768x512.jpg 768w\" alt=\"\" width=\"960\" height=\"640\" \/><\/div>\n<div class=\"entry-content\">\n<div id=\"share-before-25914\" class=\"share-before share-filled share-medium\">\n<div id=\"facebook-before-25914\" class=\"facebook sharrre\" data-url=\"http:\/\/positivemoney.org\/2018\/02\/latest-wealth-data-shows-disproportionate-gains-rich-era-qe\/\" data-urlalt=\"http:\/\/positivemoney.org\/?p=25914\" data-text=\"Latest wealth data shows disproportionate gains to the rich during era of QE\" data-title=\"Share\" data-reader=\"Share on Facebook\" data-count=\"%s shares on Facebook\"><\/div>\n<div id=\"linkedin-before-25914\" class=\"linkedin sharrre\" data-url=\"http:\/\/positivemoney.org\/2018\/02\/latest-wealth-data-shows-disproportionate-gains-rich-era-qe\/\" data-urlalt=\"http:\/\/positivemoney.org\/?p=25914\" data-text=\"Latest wealth data shows disproportionate gains to the rich during era of QE\" data-title=\"Share\" data-reader=\"Share on LinkedIn\" data-count=\"%s shares on LinkedIn\">\n<div class=\"box\">Analysts will be watching the Bank of England closely this Thursday for any hints about its plans to raise interest rates. But despite rumours of further hikes, it\u2019s worth remembering that we\u2019re still living in an unprecedented era for monetary policy. Interest rates have been below 1% for nearly a decade, and quantitative easing has seen the Bank\u2019s balance sheet balloon several times over. The effects of these extraordinary measures are far reaching. New data out this week is a reminder of their dramatic impact on inequality in the UK.<\/div>\n<\/div>\n<\/div>\n<p>The latest ONS Wealth and Assets Survey, released last Thursday, once again showed the sheer extent of wealth inequality in the UK. A comparison of percentile figures with those from the previous wave suggests households in the wealthiest 10% gained on average nearly 700 times as much as the poorest 10% between 2012-2014 and 2014-2016.<\/p>\n<p>The average total wealth of the of the bottom 10 percentile households rose by \u00a3330 between 2012-2014 and 2014-2016 (from \u00a35,293 to \u00a35623). The average total wealth of the top 10 percentile households increased by \u00a3229,541 over the same period (from \u00a31,663,912 to \u00a31,893,453).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-25919 size-full aligncenter\" src=\"http:\/\/positivemoney.org\/wp-content\/uploads\/2018\/02\/Gain-in-total-household-wealth-by-percentile-%C2%A3-2012-14-to-2014-16.png\" sizes=\"auto, (max-width: 710px) 100vw, 710px\" srcset=\"http:\/\/positivemoney.org\/wp-content\/uploads\/2018\/02\/Gain-in-total-household-wealth-by-percentile-\u00a3-2012-14-to-2014-16.png 710w, http:\/\/positivemoney.org\/wp-content\/uploads\/2018\/02\/Gain-in-total-household-wealth-by-percentile-\u00a3-2012-14-to-2014-16-300x152.png 300w\" alt=\"\" width=\"710\" height=\"360\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-25918 size-full\" src=\"http:\/\/positivemoney.org\/wp-content\/uploads\/2018\/02\/Total-household-wealth-by-percentile-%C2%A3-2014-16.png\" sizes=\"auto, (max-width: 710px) 100vw, 710px\" srcset=\"http:\/\/positivemoney.org\/wp-content\/uploads\/2018\/02\/Total-household-wealth-by-percentile-\u00a3-2014-16.png 710w, http:\/\/positivemoney.org\/wp-content\/uploads\/2018\/02\/Total-household-wealth-by-percentile-\u00a3-2014-16-300x152.png 300w\" alt=\"\" width=\"710\" height=\"360\" \/><\/p>\n<p><b><i>The distribution of total wealth across UK households is extremely unequal. Naturally, so too are the gains in wealth in recent years. <\/i><\/b><\/p>\n<p>The figures are significant because they are the latest to contradict the position taken by Bank of England governor Mark Carney in a 2016 speech, when he used the ONS data to claim that the \u201cpoorest have gained the most\u201d from the Bank\u2019s quantitative easing programme. <a href=\"http:\/\/positivemoney.org\/2017\/10\/boe-inequality-data-misleading\/\">As Positive Money showed in an analysis<\/a> from October last year, the Bank painted a misleading picture by using relative rather than absolute figures. Data from the the 2006-08 to 2012-14 waves of the Wealth and Assets Survey showed an absolute gain for the wealthiest 10% almost 200 times greater than that for the poorest.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>LATEST WEALTH DATA SHOWS DISPROPORTIONATE GAINS TO THE RICH DURING ERA OF QE Analysts will be watching the Bank of England closely this Thursday for any hints about its plans to raise interest rates. But despite rumours of further hikes, it\u2019s worth remembering that we\u2019re still living in an unprecedented era for monetary policy. Interest [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[56,124,425,995,10046,661,662,18698,868],"class_list":["post-31237","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-england","tag-central-banks","tag-inequality","tag-mark-carney","tag-positive-money","tag-qe","tag-quantitative-easing","tag-rob-macquarie","tag-wealth"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31237"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31237\/revisions"}],"predecessor-version":[{"id":31238,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31237\/revisions\/31238"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}