Excellent from Chris Dillow: http://stumblingandmumbling.typepad.com/stumbling_and_mumbling/2014/03/ex-growth.html
"Once upon a time, we used to think that the function of the financial system was to channel savings from households - who were savings or for a rainy day - towards companies who could invest them productively" - instead for the past two decades precisely the reverse. Businesses are saving, and the financial sector is channeling the savings so houseowners can consume more productively.
And stealing another graph:
(They also have good similar graphs for other countries). Wealth, the yellow line, is constant throughout the Conservative government, at levels below the 1970s, and remains so, despite a mild blip at the turn of the millenium.
This seems to be their source. http://webarchive.nationalarchives.gov.uk/20110110170044/http://hmrc.gov.uk/stats/personal_wealth/13-5-table-2005.pdf
I have graphed wealth deciles from the latest release. Not much to see. (They appear to have stopped publishing the data with the top centile.)
"Once upon a time, we used to think that the function of the financial system was to channel savings from households - who were savings or for a rainy day - towards companies who could invest them productively" - instead for the past two decades precisely the reverse. Businesses are saving, and the financial sector is channeling the savings so houseowners can consume more productively.
And stealing another graph:
(They also have good similar graphs for other countries). Wealth, the yellow line, is constant throughout the Conservative government, at levels below the 1970s, and remains so, despite a mild blip at the turn of the millenium.
This seems to be their source. http://webarchive.nationalarchives.gov.uk/20110110170044/http://hmrc.gov.uk/stats/personal_wealth/13-5-table-2005.pdf
I have graphed wealth deciles from the latest release. Not much to see. (They appear to have stopped publishing the data with the top centile.)
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