Latest Issue

Really, we’re in it together

The richest have been hit hardest, but yes, it hurts them less

By Paul Johnson   February 2013

George Osborne’s insistence throughout the recession that “we’re all in this together” has been criticised. Yet new figures show that the income of the wealthy has fallen (photo: HM Treasury)

At the start of the 1980s we experienced a deep recession. Unemployment soared to more than 3m—12 per cent of the workforce. During the following decade benefit levels were cut, earnings rose very fast especially for higher earners, and tax rates were cut for those on top incomes. Inequality grew at an unprecedented rate. By the end of that decade,…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect