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Relatedly, the UK has become less attractive for high-skilled immigrants (next tweet).
By
ft.com/content/d70c40
Interesting analysis of regional differences in England
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Tom Forth
@thomasforth
Loved the graph on top incomes in the FT so much that I reproduced. But with just a little tweak. I compared two equal sized pieces of England.
This is fascinating.
The reason won’t be tax. The top 10% have seen their taxes rise by about 15% over this period. That’s not nothing, but doesn’t explain the chart.
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Imagine telling British high-earners in the 2000s they’d end up envying the French? They’d have laughed you out of the wine bar.
Top incomes in the UK have frozen - even fallen - in the last few years.
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max tempers
@maxtempers
Replying to @maxtempers
In London, median earners and higher have basically seen zero wage growth in the last five years. In fact, those at the highest income deciles have seen their real pay fall.
Meanwhile, the lowest income deciles have seen steady real wage growth throughout this period.
The UK is declining way too fast. In the last few years, a lot of mistakes have been made because of populism and selfish politicians, especially with the whole Brexit mess a few years back.
The UK’s decline isn’t just about wages, it’s about conviction.
A culture that punishes risk, celebrates regulation, and fears volatility slowly bleeds its edge.
The same rule that governs investing governs nations: The moment you trade conviction for caution, the line on the
Yes and moving from UK to US is one of the easiest cultural and social transitions in the world.
The UK has never been as rich as the US (at least since Reconstruction), but in the late 90s, it was at least reasonable to speak of the two economies in the same sentence.
That was some time ago, however.
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Luke Puplett
@lukepuplett
Replying to @dhh
"The essence of American capitalism is to allow the rapid emergence of new companies, the essence of European capitalism is to do everything so that old companies do not die."
^ Around 1989 all narcissocratic extractive Victorian companies run by suited old imperialist
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Sadly, some - like the Marxist, leftists etc will take this as a sign of success. They will claim there is less income inequality than before. The problem however is the skew - the top 1% are very different. I’d like to see the stats at other points. However true point - UK is
This is some bleak reading.
It doesn’t look set to stabilise either, so i fully expect us to fall below a fair few others.
Most of that tracks but a few is scarely believable. Eg Austria has Norway-like tax regime but nowhere close in income.
Uk concentrated on less hours per week, more holidays per year, pensions to move income so not taxed 62%, on top of national insurance pensions, the richest were hammered by Osborne so they took their gains differently, now Reeves has clobbered them so they’ll end up paying on
Not worth living in the UK if a high earner now paying around 60% income tax as real wages falling - those who can live off unearned wealth benefit here but no incentive for skilled workers who contribute to our economy & productivity to stay. Why we need to tax wealth not work
Interesting how germany climbed up that high even though economy is struggling
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All the other countries above the U.K have a higher rate of income tax.
and that UK 10% is paying an ever increasing share of an ever increasing government spending within a slowly growing GDP.
And I think 'satisfaction at work' is down to 11% - the developed world's lowest.
Fascinating data, especially considering the decline occurred without significant redistribution policies in place. Thank you, an excellent starting point for further analysis.
I have been reliably informed that if we just tax them more, things will get better.
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Wow, someone is worried the overpaid British top class income earners are not doing so well.
My God what a chart. Is that pre or post tax? ?
I think it’s fair to say that #IncomeSocialism #IncSoc has been making the effects of this trend worse.
And this at the same time as rampant house price inflation and the sudden increase in student debts!
Its no wonder
North Sea peaking in 1999 had something to do with it. Rich people tend to do well in petrostates.
Source: gov.uk/government/pub
Damning evidence of degrowth.
Either this is the outcome of a deliberate, or an unintentional series of management failures of the UK PLC, it is still the same set of realities.
We MUST change this trajectory.
Post-tax income really isn’t a great measurement seeing as how much (or at all) you need to pay for daycare, healthcare, education, pension funding etc etc differs wildly between different countries.
The top 10% in the US earn more than the top 10% in Switzerland or Luxembourg? I doubt that.
Brexit whacked 10% off the currency now do it again without that confounding factor see if your little narrative holds
Excellent. So we now have a fairer distribution of wealth amongst the population instead of the top 10% (who remain the richest 10% in the country) gaining more wealth at the expense of the ordinary person. Forgive me for not seeing an issue with this.
I mean , I remembered seeing a survey of avg software engineer salaries last year, and avg salaries in Cleveland Oh with a lower cost of living has a higher salary than in London(and the UK overall)
Why show ranks when cardinal values are available?
Just came here to remind everyone a big chunk of this is...
This..
The brexit fall in GBP value.
That top 10% includes all those multi-millionaires and billionaires who, as we know, are leaving the UK in droves. It would be interesting to see the comparison at the 90th percentile alone.
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And yet UK taxes on workers are *lower* than OECD average. Most of these countries have higher tax takes.
And societies that are run for the people who live there, not just the rich.
Imagine what it’s like at the bottom.