Chief Executive of UK Research and Innovation (UKRI), Professor Sir Mark Walport, is on a two-day visit to India’s capital city, Delhi this week to strengthen ongoing research relationships and address the newly-formed prime minister’s science, technology and innovation advisory council (PM-STIAC).
Mark Walport and Dr Tim Wheeler, Director International UK Research and Innovation, will also visit three Newton-Bhabha projects, which highlight the UK and India’s research collaborations.
The three projects, advance the efficiency and production potential of solar cells, develop and test innovative approaches to optimise agricultural nitrogen management to help meeting food security goals, and study the early life health effects of exposure to air pollution.
Mark Walport said, “in a world that depends on science and innovation to help address shared challenges, the creation of the prime minister’s science, technology and innovation advisory council comes at an exciting time for both India and its international partners. The UKRI-India collaboration has come a long way to provide solutions through its high-quality joint programmes and to prepare for future challenges.”
Professor K VijayRaghavan, principal scientific adviser to the Indian government said, “the ultimate goal of building a prosperous society and economy can be achieved through effective quality research, innovation and policies. As most of the challenges faced today are global in nature, it is important that India effectively leverages international science and technology collaboration to address these issues...”
The PM-STIAC is a new overarching body that assesses specific science and technology domains in India and formulates interventions and road-maps. It advises India’s prime minister on all matters of science, technology and innovation and monitors the implementation of the prime minister’s vision for the nation.
£1.3m needed to join Britain’s top 10% of wealthy families
Average worker would need 52 years of savings to match elite wealth
South East wealth nearly triple the North East
Rising wealth divide in UK
British families now need total wealth of £1.3 million to enter the country’s wealthiest 10 per cent, according to new research that highlights the growing financial divide in post-pandemic Britain. The Resolution Foundation’s ‘Before the Fall’ report reveals that Britain’s stock of wealth continued to grow during the pandemic, reaching a new record high of 7.5 times GDP.
Whilst relative wealth inequality has remained high, the absolute wealth gaps between rich and poor families have grown sharply following the unprecedented mix of economic shocks and policy interventions during the Covid-19 pandemic.
The report reveals that a typical worker would need to save 52 years’ worth of their earnings to join the wealthiest 10 per cent. This shows how building wealth has become nearly unachievable for ordinary workers, with riches now concentrated amongst those who already own homes and have large pension pots. The wealth gap between the richest and middle-income households now stands at £1.3 million per adult, showing how the distance between rich and poor has grown dramatically.
Regional wealth divide
The wealth divide extends across regions, with stark disparities between the prosperous South and struggling North. Median wealth per adult in 2020-22 stood at £290,000 in the South East, compared to just £110,000 in the North East – a gap of £180,000.
This regional inequality reflects decades of uneven economic development, with London and the South East benefiting from higher property values and greater access to high-paying jobs, whilst northern regions continue to face lower house prices and fewer economic opportunities.
Wealth concentration persists
Molly Broome, senior economist, at Resolution Foundation said, “Soaring wealth and an acute need for more revenue has prompted fresh talk of wealth taxes ahead of the Budget next month. But with property and pensions now representing 80 per cent of the growing bulk of household wealth, we need to be honest that higher wealth taxes are likely to fall on pensioners, Southern homeowners or their families, rather than just being paid by the super-rich,”.
The findings paint a picture of a nation where wealth accumulation has increasingly become concentrated amongst those who already own property and have pension savings, making it harder for younger generations and those without existing assets to climb the wealth ladder.
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