Research from the Centre for Enterprise, Markets and Ethics (CEME) shows that the coronavirus crisis has widened the wealth gap between rich and poor people in the UK. The think-tank says that a third of people now have less than £1,500 in the bank, with many lower-paid employees’ finances taking a hit as they have been furloughed or made redundant. The CEME report says households have been able to save an average of 29.1% of their disposable income since March, while savings ratios in 2019 stood at around 5%. CEME has suggested an increase in tax relief on savings would encourage more investment by the less well-off, with the think-tank also calling for higher interest rates on savings.
Read more: City AM