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In light of new research showing that the poorest spend more of their income on VAT than the richest, Robert Powell reports on escalating borrowing levels and what you can do to deal with debt...
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235The ONS, in the same report, also says that the poorest fifth of the population, over the past 25 years, are spashing out 250% more on new cars, holidays abroad, eating out and so on than in 1986.
The richest households are spending only 20% more.
Isn't it funny how selective highlighting of a report is always used to put some Socialist sob story forward? The 'poorest' in society here still exploit the 'poorer' in developing countries, but as it's done at third hand, you don't stop to consider who makes the £5 Tesco jeans and the cheap trainers. Setting these arbitrary levels at which someone is either rich or poor is a nonsense. We don't have absolute poverty in the UK (other than self-inflicted), but we do have a whole lot of people who can't manage their finances or their lives and always want to blame someone else.
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4Just to clarify, the VAT report is from the Office for National Statistics (ONS), not the Institute for Fiscal Studies (IFS). However the interviewee, James Browne is from the IFS.
Thanks,
Rob
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