The Rich Get Richer and the Poor, Well, Who Cares?

21 Jan 2008

January 21, 2008 (LPAC)--"The rich are so very, very rich. The West End [the wealthy area of metropolitan London] can't get enough diamonds. But the poor are getting poorer," Marks & Spencer CEO Sir Stuart Rose said earlier this month. "I have never seen such a polarized U.K. economy." A survey by the Institute for Fiscal Studies last week said the very rich have grown richer at twice the rate of the middle class over the last decade, the London Guardian reported today. Those riches are so concentrated in the financial services sector that London is 41 percent richer than the U.K. average in 2006, despite the accelerating poverty of so many Londoners.