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UK News

Top 1% of population 'richer than rest of world'

The new figures from Oxfam show the richest 1% have seen their share of global wealth increase from 44% in 2009 to 48% last year.

By 2016 the wealthiest on the world will own 50% of all money, the charity said.

Its report said: "The wealth of these 80 individuals is now the same as that owned by the bottom 50% of the global population, such that 3.5 billion people share between them the same amount of wealth as that of these extremely wealthy 80 people."

It comes as Christian charity Care says traditional families in the UK with one stay at home parent have suffered a sharp decline in living standards according to a new report.

Using a report from the Joseph Rowntree Foundation the charity said the percentage of one-earner families with children falling below the Minimum Income Standard in 2012/13 increased significantly to 51% - up 13% since 2008/09.

CARE's Director of Parliamentary Affairs Dan Boucher said: "Stay at home parents simply should not feel they are being forced to make a choice between caring for their children and earning enough to properly provide for the family.

"These alarming figures are cause for real concern and only strengthen the argument for a fully transferable tax allowance for all one-earner married couples with children.

"While the Government took a step in the right direction by introducing a small transferable allowance for married couples with children clearly we want them to go much further.

"It is disgraceful that at present traditional one-earner families with children are facing this squeeze on income.

"Sadly it's an inevitable consequence of a tax system that does not recognise the family as it should do.

"A fully transferable allowance for all one-earner married couples with children would go a considerable way towards easing some of the pressure on one-earner families and mean there is flexibility so they do not feel penalised just because one parent stays at home."

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