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The gap between rich and poor in the UK has decreased since 2000, an international survey has concluded. The Organisation for Economic Co-operation and Development (OECD) says the decline in inequality in Britain has been "remarkable". The report's author told the BBC: "...the poor have been getting richer more rapidly than the rich since 2000." But the report says the UK still has one of the highest levels of income inequality in the developed world.
The Organisation for Economic Co-operation and Development (OECD) has said inflation remains a danger, as oil prices have shown a sharp increase. "Ministers were concerned about inflationary pressures and indications inflationary expectations may be drifting upwards," the OECD said. They also said attention should be paid to fiscal balances, especially where inflationary pressures remained high. It also believes that the British economy is entering a period of "significant down-swing" that will see it grow even more slowly in 2009 than this year and house prices will fall further.
In its half-yearly economic outlook, the OECD was particularly downbeat about Britain, predicting that the economy would only expand by 1.8% this year. That rate will drop to 1.4% in 2009 - the lowest since 1992, when Britain was in a deep recession, and half the pace of 2007. (Details - click here)
