Nearly three-quarters of Brits (74%) believe the UK economy is failing people born into poorer families, while seven in ten (70%) say it tends to favour those who own their home, according to a joint study by SKY News and the IPPR thinktank.
The study also reveals that most people (67%) believe the UK’s economy in “unfair” and “not working” for young people, while more than half (53%) said it is failing people from outside the South of England.
Only 20% of respondents described the UK economy as being fair, with 48% saying it it unfair. However, this rises to 63% among those aged under the age of 35.
Most of those surveyed also feel the way the UK economy works has become less fair over the last decade. Remarkably, Tory voters are more likely to say the UK economy has become less fair compared to those who claim it is now fairer – 38% and 15% respectively.
When asked how to resolve these injustices:
- 84% said companies like Google and Facebook should be regulated in a similar way to broadcasters
- 83% of respondents supported the idea of a new corporation tax for companies who report zero profits
- 80% agreed with increasing in the minimum wage to a minimum of £8.75 per hour
- 63% said is should be compulsory for businesses to have workers on company boards
- 60% said the Bank of England should adopt and promote policies that reduce house prices
- 56% agreed that the minimum wage for zero hours contracts should be set at 20% above the standard minimum wage
- 55% supported the idea of a publicly owned investment bank, similar to that proposed by the Labour Party
- Perhaps surprisingly, 52% backed greater Government borrowing and investment
- Half of those surveyed (50%) said the UK Government should increase capital gains tax to the same rate as income tax.
Commenting on the findings, Catherine Colebrook, chief economist to the Commission on Economic Justice at IPPR, told SKY News: “This new polling data shows the disillusionment people feel with the economy as it works now.
“Old and young, Conservative and Labour, Leave and Remain – among all groups, the prevailing sense is that the economy does not work in a fair way and that it is becoming increasingly unfair over time.
“There is remarkable support for fundamental reform, suggesting the British people are ready for a new kind of economy and a new kind of economic policy.”
Last updated at 08:04 (GMT) on 5th September 2018.