Comparison in History of Britain and Discussion on Inequality in UK Assessment Answer
Listening Lecturer-Text 1
In the listening lecturer, the notes mention and compare the history of Britain and then discuss the inequality in the UK and the wider gap. Text 1 also takes a comparison of the past model mentions and further discusses the inequalities of income, wealth, and opportunity and within the class.
Both the Listening notes and the taxes conclude that the Ginni coefficient is due to the taxes which have caused the higher inequality.
In the listening and text 1, both discuss the wealth inequality is wider and growing.
The listening text mentions to tax the richer more and the lower group less. Text 1 discusses the "redistributive politics can do well
The listening text mentions, the difference is due to the social problem, while text 1 mentions, it is social mobility.
The taxes placed on richer to be less and on the text 1 says to have the progressive taxes.
Listening Lecturer-Text 2
Both the listening and the text notes mention" last 50 years a one-point increase in income inequality”. Both the lecture and the text notes prove with the Ginni Coefficient.
Listening notes and the text notes mention inequality has caused an imbalance in economic growth and there is a wide difference.
Listening and the text notes mention tax and use it for the social redistribution and the welfare policies.
The growing gap between the richest and poorest in the UK is directly linked to higher rates of poverty. The listening notes, highlights, it's due to the “income and wealth”.
The listening notes, mentions it as the levels of the “inequality has changed over the last 50 or 60 years". The listening mentions the gap has risen, however, the positive or negative and how it is correlated is missing. In-text 2, it mentions, that both the inequality and poverty are now on the rise again and would consecutively increase further in the next 5 to 15 years.
The listening notes have provided evidence that the policies like the “tax” and “minimum wages” have been discussed in depth. Text 2 discusses the public policy designed to reduce inequality and tackle poverty.
Listening Lecturer-Text 3
The listening notes and text 3, both discuss the "wealth inequality has a widespread and has created a negative impact on the overall”.
The listening notes and text 3, mentions that the household is the poorest in the wealth, while the businessmen are the richest.
Both the listening and text 3 mention that the differences are due to the income inequality that has created wealth differences.
The listening notes say to tax the wealth of the richer less that would support more by creating jobs and employment. The text 3 notes mention, that the taxing richer can help to even out the imbalance.
The listening notes mentions to tax and reinvest in the health, while text 3 mentions, that the income security would reduce the morbidity and the difference in the health.
Listening notes says the taxes placed on richer to be less and on the text 3 says to be more to have balance
Essay plan-> to what extent is inequality a ‘necessary evil’?
Inequality is defined as the imbalance in the economy and also placing the experiencing major hiccups due to the emerging markets. Inequality can cause the problem of economic development and can lead to stagnant growth and the overall laid back approach.
Income and extreme poverty reduction
Due to the income inequality and by adopting the redistributive policies and then placing taxes, it would help to bring the condition of the poor up. For example, by investing in the education programs for the poor, they would get good jobs, learn new skills and techniques, and can be more productive by reinvesting in the economy through business or providing services. Income equality can also be balanced with the taxes and social welfare programs. Further, policies like the minimum wages and having no discrimination or racism can balance the groups to work collaboratively.
Inequality, Instability, and Growth
That standard of living can improve through the consistent approach to the economy and even using the approaches step by step, For example, when investing in the resources like labor, we can equate by giving them pay and helping them to educate their families. Further, through jobs, it would create securities and purchases. It would help in investing and the overall growth approaches.
Taxes & redistribution
The taxing the richer can be done with the progressive axes, as the welfare economics, mentions to redistribute the taxing amount that can be used for better practices. Like taxing the richer and proving more pension support, student aid loan programs, and for the infrastructure. Redistribution policies say to even out the rich and the poor wealth.
Profits attract innovation
When the rick is investing n the economy and creating high-end jobs, they are not only supporting the economy but also creating the stability, jobs, and overall growth.
The profits help in bringing in innovation, for example, the pharmaceutical industry, who would be focus to invest and expand, leading to better expansion plans.
The more they would be taxed, the less initiative they would be taken, on the contrary, if the government wants to welfare, then they should contribute and fund to the profitable venture, to retain their share.
To conclude, the inequality can cause the problem of economic development and can lead to stagnant growth and the overall laid back approach.