Commenting on a report released by the charity Oxfam, which says that extreme wealth is just as much a global problem as extreme poverty, TUC General Secretary Frances O’Grady said:

‘Oxfam are right to draw attention to both ends of the inequality that has grown massively in recent decades. That inequality was a major cause of the global financial crisis as ordinary workers borrowed massively to maintain their living standards and the rich looked for ever riskier loans to put their growing wealth to work. All the evidence is that the more equal societies are, the more productive, more resilient and more free they become.

‘Working people and the global poor need a real boost to their incomes if we’re to escape from decades of stagnant growth and social strife. And rich people need to pay their taxes and curb their greed – voluntarily or not. In particular, Oxfam have highlighted the need for stronger unions to provide an effective voice for ordinary people.’