Latest Sunday Times Rich List shows first fall in the number of billionaires since the 2007-08 financial crisis.
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Today’s Rich List, which shows Britain’s 171 billionaires collectively own over £683.8bn, shows the urgent need to tackle inequality, the IPPR thinktank say.
Dr George Dibb, head of the centre for economic justice at IPPR, says:
“While a rising number of households on the lowest incomes simply cannot pay their bills, the fact that a few of the UK’s richest people have seen dips in their wealth is outweighed by the growth in combined wealth of the 171 billionaires.
“Sky-high energy bills have fed into record profits for oil firms, who have passed this directly to those lucky enough to be shareholders, funnelling higher bill payments by everyone into the wealth of the richest.
