Oxfam report another nail in the ‘trickle-down’ coffin

Even Barack Obama is calling for higher taxes on the wealthy: but what does his ‘bro’ Cameron have to say?

The Mole

Oxfam’s warning that the richest one per cent of people will own 50 per cent of the wealth by next year unless urgent action is taken to tackle inequality is another nail in the coffin of the Thatcherite concept that wealth will “trickle down” from the rich to the poor if you give them enough tax breaks.

Everyone from IMF chief Christine Lagarde to Bank of England Governor Mark Carney has been warning that inequality has gone too far. Now, as billionaires and economists gather in Davos, Oxfam has joined the chorus.

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is the pseudonym for a London-based political consultant who writes exclusively for The Week.co.uk.