Rebecca Long-Bailey MP, Labour’s Shadow Exchequer Secretary to the Treasury, responding to the publication today of the Wealth and Assets Survey by the ONS, which shows that the wealth of the top 10% of wealthiest households increased by 21% under George Osborne while in contrast the wealth of the bottom 50% increased by just 7%, said:

“These eye-opening figures tell you everything you need to know about George Osborne’s time as Chancellor and the true nature of this Tory government – the rich get richer, while the poor have their incomes cut and worry about a heavy debt burden.

“This Tory government has done nothing substantive to tackle the growing problem of wealth inequality in our country, in fact by cutting inheritance tax for a wealthy few at the same time as cutting Universal Credit for working families they are only making matters worse.

“The Chancellor should spend some time this Christmas thinking about the growing wealth gap he has presided over and how to correct this in 2016, otherwise people will just think this report’s damning figures are music to his ears.”