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Really, we’re in it together

The richest have been hit hardest, but yes, it hurts them less

By Paul Johnson   203

George Osborne’s insistence throughout the recession that “we’re all in this together” has been criticised. Yet new figures show that the income of the wealthy has fallen (photo: HM Treasury)

At the start of the 1980s we experienced a deep recession. Unemployment soared to more than 3m—12 per cent of the workforce. During the following decade benefit levels were cut, earnings rose very fast especially for higher earners, and tax rates were cut for those on top incomes. Inequality grew at an unprecedented rate. By the end of that decade,…

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