UK moves from income to asset-based welfare

A report published by the Institute for Public Policy, 'Asset-based welfare takes centre stage', points out that the UK is being marked by a move towards asset based welfare from income based welfare. According to the report, this is denoted by UK government proposals to introduce asset-based policies such as the Child Trust Fund and the Savings Gateway. The report reveals that in 1996, 93% of all the wealth of the UK was held by the top 50% of the population, while over the period 1979 to 1997, the percentage of households not owning any assets doubled from 5% to 10%. Weal...