This discussion paper by IPPR explores the profound economic and societal shifts in Britain resulting from the growing dominance of wealth over work. As asset returns outstrip wages, life chances increasingly depend on inheritance rather than merit, undermining social mobility and economic fairness. The author, Tom Clark, presents a typology of wealth and advocates for a multi-layered policy strategy addressing wealth quality, taxation, and adaptation to mitigate inequality. While underscoring the shortcomings of wealth taxes as standalone solutions, the paper suggests strategies for integrating wealth into policies for housing, social security, and economic regulation. Supported by comprehensive data and intellectual contributions from leading institutions, the paper envisions pathways for wealth that promotes inclusive growth. It calls for politicians and policymakers to embrace a nuanced approach to reshape Britain's "asset economy."
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- Pages
- 26
- Published in
- United Kingdom
