27 January 2020

Recently published statistics from the Scottish Government have revealed drastic inequalities in the level of personal wealth throughout Scottish society.

The figures show that the wealthiest two per cent of all households account for 15 percent of all wealth in Scotland, whereas the bottom 20 per cent of households account for only one per cent of all wealth in Scotland.

A typical household in the top decile of the population possessed around £1.6 million in total wealth compared to a mere £7,500 for a household in the bottom decile.

The figures also highlight the scourge of personal debt, revealing that 2.9 per cent of Scottish households are in unmanageable levels of debt and, between 2016-2018, 34 per cent of households were financially vulnerable.

Scottish Labour is putting pressure on the SNP government to act to re-dress this drastic inequity in wealth by providing fair funding for Local Government, which will benefit the poorest in our communities by improving public services.

Scottish Labour finance, jobs and fair work spokesperson Rhoda Grant said: “This report makes for dismal reading and throws light on the yawning chasm that exists in society between the wealthy and the poor.

“That there are so many households in Scotland that are burdened with unimaginable and unmanageable levels of debt while some have personal wealth in excess of several millions is frankly shameful.

“This inequality on paper is made flesh in the existence of food banks and payday loans.

“If the SNP government works with Scottish Labour, we can bring an end to this inequality and improve the quality of life for hundreds of thousands of Scots.”

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