0
0
Democracy is built on the concept that every citizen has an equal voice, yet wealth persists to shape political power in Britain. As economic inequality worsens, the risk of societal collapse increases, eroding public trust in the system. From lobbying influence to campaign donations, many believe that money has become a driving force in shaping the country’s political landscape, with policy positions favoring the interests of the ultra-rich over the general population.
A recent report by the Fairness Foundation has reignited this deep-rooted debate over wealth inequality and political influence in the UK, with findings showing that nearly two thirds of Britons are concerned about the political influence of the very rich. Many believe that the wealthiest individuals exert too much power over political decisions, posing a risk to democratic integrity and social cohesion. The report, called Inequality Knocks, is based on observations made at a one-day workshop held in collaboration with King’s College London, where 25 senior figures from politics, government, academia, business and civil society, were invited to assess the risks associated with wealth inequality.
For example, the absolute wealth gap in assets between the richest and poorest ten percent of the UK increased by 48% between 2011 and 2019. The individuals that took part in the observation concluded that this wealth inequality undermines social cohesion, cutting across party lines by highlighting the perception that money grants unfair access to power, ultimately weakening institutions and public services. Will Snell, chief executive of Fairness Foundation, noted how he had not expected such a “diverse group” of individuals to unanimously agree with this risk to democracy.
Many Britons feel as though politicians are more responsive to the interests of the very wealthy rather than the broader electorate, with this perception being exacerbated by many relevant issues. Notably, the importance of donor influence on policy, where political parties, such as the Conservatives and Labour, receive and rely on large sums of donations from wealthy individuals and corporations. This raises questions as to whether these parties are acting in the needs of the majority or the interests of the few. Additionally, individuals and corporations with a high net worth often have direct access to decision-makers – something that the average citizen doesn’t – meaning that they can lobby for the policies that will benefit their own self-interest while the general population continues to struggle financially. As the cost of living continues to soar, resentment is built towards those who accumulate vast sums of money while everyday people are experiencing increased financial hardship.
The potential effect this entrenched issue could have on democracy is astounding, with the Fairness Foundation suggesting that wealth inequality could lead to a breakdown in social trust, consequently producing political instability in a worst case scenario. When your everyday citizen feels unheard and as if their voices are drowned out by money, it can lead to a disengagement with the democratic process. This results in a lower voter turnout and distrust in politicians, which arguably are all contributions to the downfall of democracy. Meaningful reforms often prove to be controversial when speaking on the problem of wealth inequality, so it is safe to say that the growing public awareness of economic inequality implies that this debate is far from over.
Edited by Connie Newstead
Image: Woman investing and getting profit, PCH Vector // CC0
Average Rating