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ECB, Bank of Canada, and the Peak in US CPI Base Effect

The media has played up the upcoming ECB with all the Sturm und Drang that can be mustered. However, investors and other market participants seem considerably less anxious.  And for a good reason:  at the end of the day, it does not really matter that…

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The media has played up the upcoming ECB with all the Sturm und Drang that can be mustered. However, investors and other market participants seem considerably less anxious.  And for a good reason:  at the end of the day, it does not really matter that much.  

Since the ECB stepped up its bond purchases, the euro, yields, and premiums over Germany have risen. But, of course, there are other drivers of the capital markets, and that is the point.  Even though the euro is often quoted to the hundredth a cent, the $6.6 trillion-a-day average turnover is not so exacting that what turns out to be a few billion euros of bond-buying a week makes much of a difference.  The same general argument applies to the bond market, as well.    

The more important issue that has yet to be fully recognized is that the ECB's Pandemic Emergency Purchase Program is currently set to expire at the end of March 2022. Assuming the Federal Reserve begins to taper in Q4 21, it will probably still buying as PEPP closes.  Of course, the ECB could extend the program, but the macro backdrop might make it politically difficult. First, the EU's fiscal initiative will most likely have begun distributing funds, providing added stimulus. Second, the OECD's largest forecasts anticipate eurozone growth to exceed US growth in 2022, 4.4% to 3.6%.  Bloomberg's survey of private-sector economists shows an EMU beat of 4.2% to 4.0%.

The modest rise in European interest rates here in Q2 has been accompanied by macroeconomic data that have mostly surprised on the upside and an acceleration of the vaccination efforts. The 10-year Bund yield and the 10-year breakeven have risen by about eight basis points since the end of Q1. The EU plans on lifting quarantine rules for vaccinated people as of the beginning of next month.  The recovery is gaining traction, and confidence in it is rising.  Europe's Dow Jones Stoxx 600 is at record highs, with a nearly 13.5% gain year-to-date, a little more than the S&P 500 (~12.5%).  

As the economic news stream has improved, the political challenges are intensifying.  No, this is not about the next April's French election. Consternation has been expressed in some quarters that Le Pen is running ahead of Macron, but this is more Sturm und Drang.  The election is 10 months away, and the vaccination program and economic re-opening can be expected to strengthen Macron's standing.  More importantly, we have seen this before.  Le Pen's solid base helps it when there are many candidates.  In a run-off final round, Le Pen loses.  The German election is closer, and we can confidently say that Merkel's successor will be elected.  The latest polls show the CDU is back ahead.  The Greens are in a close second.  The SPD is likely to be relegated to third place.   The bookmakers and political punters on Predict.Org favor CDU's Laschet over the Green's Baerbock as the next chancellor.  

Brexit was a particularly uniquely British drama, but it also reflected a broader development of economic nationalism on the one hand and the hardening of the EU's external walls on the other.  Switzerland formally withdrew from talks to codify its 120 (more or less) bilateral agreements into one single framework.  In Bern, it was a victory for the right-wing populist party SVP.  Yet, it is the tip of the proverbial iceberg.  Two years ago, Swiss equity markets lost the right to service EU investors.  Since the middle of last month, Swiss companies have been stockpiling some goods such as medical equipment and industrial machinery due to the trade disruption that has already begun.   

Norway holds national elections in September. The polls suggest a government can be forged where a majority no longer wish to be in the European Economic Area, (EEA) a free-trade agreement (excluding agriculture and fish) that brings the European Free Trade Area (Norway, Iceland, and Lichtenstein) and the EU together. The center-left coalition could replace the current center-right, but the power may ultimately reside with a small party whose support is needed to forge a government, as was the case in Switzerland.  

And, lest we forget, Brexit is not completely over either. EU officials are increasingly frustrated with the UK's refusal to fully implement Northern Ireland Protocol. The British negotiators had sufficient rope and hung themselves, some might say.  A customs border in the middle of the Irish Sea was ridiculed by leading Tories, including former Prime Minister May.  It is to Brexit what Dogecoin is to crypto.  What began out as a joke turned into something serious.  The joint committee on Brexit (EU and UK) will meet in the days ahead. Brussel's goal is modest: set a joint approach for settling differences.  

The day before the ECB meets on June 10, the Bank of Canada holds its policymaking meeting.  At the previous meeting on April 21, the BoC was unexpectedly hawkish.  It announced a slowing of its bond purchases and projected that the economic slack will be absorbed in H2 22, which opens the door to a rate move.  Since the last meeting, the Canadian dollar has led the major currencies higher with a gain of about 3.4%. The market has discounted almost 60 bp in tightening by the end of next year.  This seems too aggressive.  

Canada's jobs report disappointed for the second month in a row.  Ahead of the weekend, Canada announced it shed some 68k jobs in May, which was more than twice as many as the median forecast in Bloomberg's survey anticipated.  It lost 207k positions in April.  Canada has lost nearly 145k full-time jobs in April-May.   Overall this year, Canada has grown less than 75k jobs.   While not backtracking on its April assessment, the Bank of Canada can emphasize the uncertainty and variability of the re-opening of the economy and that patience is needed, which could help extend the consolidation/correction phase.     

A few emerging market central banks meet (Poland, Russia, Chile, and Peru).  Aside from Russia, they are wrestling with the same vexing issue.  Price pressures are rising and are well above the policy rates, but the economies still need support. Peru's presidential run-off is on June 6.  Since the end of April, the Peru sol has fallen by about 1.8%, making it the weakest of the emerging market currencies after the Turkish lira's 4.3% decline.  Incidentally, Chile holds elections in November.  The Chilean peso has performed only slightly better sol since the end of April and is the third weakest of the emerging market currencies. New measures that allow drawdown on pension funds (fourth time) amid concerns about returns and nationalization have disrupted the equity market.  Intervention to support the peso limited the reaction in the foreign exchange market.   

Poland's inflation is rising like Hungary and the Czech Republic (4.8% year-over-year, twice the rate seen as recently as February), while the policy rate is a lowly 10 bp.  A move at the June 9 meeting seems unlikely as bond purchases continue.  Still, the market appears to be aggressive in pricing in a policy rate of nearly 40 bp by the end of the year.  

Russia's central meets on June 11.  It has hiked rates by a total of over 75 bp at the past two meetings to bring its key rate to 5.00%.  Inflation is rising.  It stood at 5.5% in April and is expected to have moved closer to 6% in May.  A 25 bp hike is expected, and the risk of a 50 bp move is greater than the risk of its standing pat.  Despite oil prices rising more than a third this year, the rouble has risen a modest 2.25% against the dollar.   The correlation (rolling 60-day) of the change in the ruble and the change in Brent oil price peaked a year ago near 0.66.  It is near 0.20 for the past 60 days.  

II

Last but not least, in the week ahead, both the US and China report May CPI figures.  US CPI is still accelerating, but the good news is the base effect peaked last month.  In May 2020, the headline and core measures of US CPI fell by 0.1%.  They are expected to be replaced in the 12-month measures by a 0.4% increase in both.  This will lift the year-over-year rate to around 4.7% and 3.5% for the headline and core rate.  In 2020, the headline CPI rose by 0.5% in both June and July.  As these drop from the year-over-year pace will likely stabilize and maybe even slip a bit.  The core rate rose by 0.2% last June and 0.5% last July.  

We quickly add two caveats.  First, the Fed does not target CPI but the PCE deflator.  Although officials talk about the core rate, the target applies to the headline rate. Second, Fed officials recognize that temporary and technical factors are behind the price pressures and will look past the near-term rise.   Words like temporary and even the Fed's use of average as in target of the average inflation rate are very slippery and have not been defined. While this allows the Fed maximum flexibility, it is not entirely satisfactory to investors and businesses.  

China's consumer inflation bottomed at the end of the last year, but deflationary pressures were still evident in January and February when CPI was still below zero year-over-year.  Even though on a month-over-month basis, China's CPI fell by 0.5% and 0.3% in March and April, respectively, the year-over-year pace accelerated from -0.2% in February to 0.9% in April.  Prices are expected to have accelerated to a 1.6% year-over-year pace in May.  That would be the highest since last September.  

One eye-catching development is that food price inflation has calmed.  Last August, food prices had risen by 11.2% on a year-over-year basis.  Non-food prices rose by 0.1%.  Fast-forward to April, and food prices were off 0.7% year-over-year while non-food prices had risen by 1.3%.  The inflationary threat does not come from China's consumer prices but its producer prices.  

With the single exception of January 2020, Chinese producer prices fell on a year-over-year basis from mid-2019 through the end of 2020. On the other hand, US producer prices rose by 1.0%-2.0% year-over-year in H2 19.  The deflation in producer prices was experienced in April through August last year. Still, the driver was not so much in China per se as the economic consequence of the disruption and shutdowns related to Covid.  

Some observers are concerned that the rise in China's PPI will fuel higher US CPI.  It is possible but doubtful.  First, Americans, like others from high-income countries, spend more on services than goods.  Services typically are not commodity-intensive.  Second, the biggest components of CPI are health/medical related and shelter, which also do not appear to be driven by the commodities.  Third, even many of the goods consumers purchase tend not to be raw material intensive.  Surely this is true of most electronic products (e.g., computers, cell phones).  What about an auto, you ask.  The direct raw material costs are estimated at around $3k.  

Indeed, Peter Drucker identified the decoupling of the commodity economy from the industrial economy as a key feature of the modern economy back in Foreign Affairs in 1987.  He would not be surprised, nor should we, that while Chinese producer prices were falling from mid-2019, US consumer prices were rising at a 1.7%-2.5% year-over-year rate until the pandemic struck.  The yawning gap in China between consumer and producer prices may say something about the profit margins of some Chinese companies or the risk of stronger consumer inflation. Still, it does not appear to say very much about consumer prices in the US.  


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Buried Project Veritas Recording Shows Top Pfizer Scientists Suppressed Concerns Over COVID-19 Boosters, MRNA Tech

Buried Project Veritas Recording Shows Top Pfizer Scientists Suppressed Concerns Over COVID-19 Boosters, MRNA Tech

Submitted by Liam Cosgrove

Former…

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Buried Project Veritas Recording Shows Top Pfizer Scientists Suppressed Concerns Over COVID-19 Boosters, MRNA Tech

Submitted by Liam Cosgrove

Former Project Veritas & O’Keefe Media Group operative and Pfizer formulation analyst scientist Justin Leslie revealed previously unpublished recordings showing Pfizer’s top vaccine researchers discussing major concerns surrounding COVID-19 vaccines. Leslie delivered these recordings to Veritas in late 2021, but they were never published:

Featured in Leslie’s footage is Kanwal Gill, a principal scientist at Pfizer. Gill was weary of MRNA technology given its long research history yet lack of approved commercial products. She called the vaccines “sneaky,” suggesting latent side effects could emerge in time.

Gill goes on to illustrate how the vaccine formulation process was dramatically rushed under the FDA’s Emergency Use Authorization and adds that profit incentives likely played a role:

"It’s going to affect my heart, and I’m going to die. And nobody’s talking about that."

Leslie recorded another colleague, Pfizer’s pharmaceutical formulation scientist Ramin Darvari, who raised the since-validated concern that repeat booster intake could damage the cardiovascular system:

None of these claims will be shocking to hear in 2024, but it is telling that high-level Pfizer researchers were discussing these topics in private while the company assured the public of “no serious safety concerns” upon the jab’s release:

Vaccine for Children is a Different Formulation

Leslie sent me a little-known FDA-Pfizer conference — a 7-hour Zoom meeting published in tandem with the approval of the vaccine for 5 – 11 year-olds — during which Pfizer’s vice presidents of vaccine research and development, Nicholas Warne and William Gruber, discussed a last-minute change to the vaccine’s “buffer” — from “PBS” to “Tris” — to improve its shelf life. For about 30 seconds of these 7 hours, Gruber acknowledged that the new formula was NOT the one used in clinical trials (emphasis mine):


“The studies were done using the same volume… but contained the PBS buffer. We obviously had extensive consultations with the FDA and it was determined that the clinical studies were not required because, again, the LNP and the MRNA are the same and the behavior — in terms of reactogenicity and efficacy — are expected to be the same.

According to Leslie, the tweaked “buffer” dramatically changed the temperature needed for storage: “Before they changed this last step of the formulation, the formula was to be kept at -80 degrees Celsius. After they changed the last step, we kept them at 2 to 8 degrees celsius,” Leslie told me.

The claims are backed up in the referenced video presentation:

I’m no vaccinologist but an 80-degree temperature delta — and a 5x shelf-life in a warmer climate — seems like a significant change that might warrant clinical trials before commercial release.

Despite this information technically being public, there has been virtually no media scrutiny or even coverage — and in fact, most were told the vaccine for children was the same formula but just a smaller dose — which is perhaps due to a combination of the information being buried within a 7-hour jargon-filled presentation and our media being totally dysfunctional.

Bohemian Grove?

Leslie’s 2-hour long documentary on his experience at both Pfizer and O’Keefe’s companies concludes on an interesting note: James O’Keefe attended an outing at the Bohemian Grove.

Leslie offers this photo of James’ Bohemian Grove “GATE” slip as evidence, left on his work desk atop a copy of his book, “American Muckraker”:

My thoughts on the Bohemian Grove: my good friend’s dad was its general manager for several decades. From what I have gathered through that connection, the Bohemian Grove is not some version of the Illuminati, at least not in the institutional sense.

Do powerful elites hangout there? Absolutely. Do they discuss their plans for the world while hanging out there? I’m sure it has happened. Do they have a weird ritual with a giant owl? Yep, Alex Jones showed that to the world.

My perspective is based on conversations with my friend and my belief that his father is not lying to him. I could be wrong and am open to evidence — like if boxer Ryan Garcia decides to produce evidence regarding his rape claims — and I do find it a bit strange the club would invite O’Keefe who is notorious for covertly filming, but Occam’s razor would lead me to believe the club is — as it was under my friend’s dad — run by boomer conservatives the extent of whose politics include disliking wokeness, immigration, and Biden (common subjects of O’Keefe’s work).

Therefore, I don’t find O’Keefe’s visit to the club indicative that he is some sort of Operation Mockingbird asset as Leslie tries to depict (however Mockingbird is a 100% legitimate conspiracy). I have also met James several times and even came close to joining OMG. While I disagreed with James on the significance of many of his stories — finding some to be overhyped and showy — I never doubted his conviction in them.

As for why Leslie’s story was squashed… all my sources told me it was to avoid jail time for Veritas executives.

Feel free to watch Leslie’s full documentary here and decide for yourself.

Fun fact — Justin Leslie was also the operative behind this mega-viral Project Veritas story where Pfizer’s director of R&D claimed the company was privately mutating COVID-19 behind closed doors:

Tyler Durden Tue, 03/12/2024 - 13:40

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Association of prenatal vitamins and metals with epigenetic aging at birth and in childhood

“[…] our findings support the hypothesis that the intrauterine environment, particularly essential and non-essential metals, affect epigenetic aging…

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“[…] our findings support the hypothesis that the intrauterine environment, particularly essential and non-essential metals, affect epigenetic aging biomarkers across the life course.”

Credit: 2024 Bozack et al.

“[…] our findings support the hypothesis that the intrauterine environment, particularly essential and non-essential metals, affect epigenetic aging biomarkers across the life course.”

BUFFALO, NY- March 12, 2024 – A new research paper was published in Aging (listed by MEDLINE/PubMed as “Aging (Albany NY)” and “Aging-US” by Web of Science) Volume 16, Issue 4, entitled, “Associations of prenatal one-carbon metabolism nutrients and metals with epigenetic aging biomarkers at birth and in childhood in a US cohort.”

Epigenetic gestational age acceleration (EGAA) at birth and epigenetic age acceleration (EAA) in childhood may be biomarkers of the intrauterine environment. In this new study, researchers Anne K. Bozack, Sheryl L. Rifas-Shiman, Andrea A. Baccarelli, Robert O. Wright, Diane R. Gold, Emily Oken, Marie-France Hivert, and Andres Cardenas from Stanford University School of Medicine, Harvard Medical School, Harvard T.H. Chan School of Public Health, Columbia University, and Icahn School of Medicine at Mount Sinai investigated the extent to which first-trimester folate, B12, 5 essential and 7 non-essential metals in maternal circulation are associated with EGAA and EAA in early life. 

“[…] we hypothesized that OCM [one-carbon metabolism] nutrients and essential metals would be positively associated with EGAA and non-essential metals would be negatively associated with EGAA. We also investigated nonlinear associations and associations with mixtures of micronutrients and metals.”

Bohlin EGAA and Horvath pan-tissue and skin and blood EAA were calculated using DNA methylation measured in cord blood (N=351) and mid-childhood blood (N=326; median age = 7.7 years) in the Project Viva pre-birth cohort. A one standard deviation increase in individual essential metals (copper, manganese, and zinc) was associated with 0.94-1.2 weeks lower Horvath EAA at birth, and patterns of exposures identified by exploratory factor analysis suggested that a common source of essential metals was associated with Horvath EAA. The researchers also observed evidence of nonlinear associations of zinc with Bohlin EGAA, magnesium and lead with Horvath EAA, and cesium with skin and blood EAA at birth. Overall, associations at birth did not persist in mid-childhood; however, arsenic was associated with greater EAA at birth and in childhood. 

“Prenatal metals, including essential metals and arsenic, are associated with epigenetic aging in early life, which might be associated with future health.”

 

Read the full paper: DOI: https://doi.org/10.18632/aging.205602 

Corresponding Author: Andres Cardenas

Corresponding Email: andres.cardenas@stanford.edu 

Keywords: epigenetic age acceleration, metals, folate, B12, prenatal exposures

Click here to sign up for free Altmetric alerts about this article.

 

About Aging:

Launched in 2009, Aging publishes papers of general interest and biological significance in all fields of aging research and age-related diseases, including cancer—and now, with a special focus on COVID-19 vulnerability as an age-dependent syndrome. Topics in Aging go beyond traditional gerontology, including, but not limited to, cellular and molecular biology, human age-related diseases, pathology in model organisms, signal transduction pathways (e.g., p53, sirtuins, and PI-3K/AKT/mTOR, among others), and approaches to modulating these signaling pathways.

Please visit our website at www.Aging-US.com​​ and connect with us:

  • Facebook
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  • Spotify, and available wherever you listen to podcasts

 

Click here to subscribe to Aging publication updates.

For media inquiries, please contact media@impactjournals.com.

 

Aging (Aging-US) Journal Office

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Orchard Park, NY 14127

Phone: 1-800-922-0957, option 1

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A beginner’s guide to the taxes you’ll hear about this election season

Everything you need to know about income tax, national insurance and more.

Cast Of Thousands/Shutterstock

National insurance, income tax, VAT, capital gains tax, inheritance tax… it’s easy to get confused about the many different ways we contribute to the cost of running the country. The budget announcement is the key time each year when the government shares its financial plans with us all, and announces changes that may make a tangible difference to what you pay.

But you’ll likely be hearing a lot more about taxes in the coming months – promises to cut or raise them are an easy win (or lose) for politicians in an election year. We may even get at least one “mini-budget”.

If you’ve recently entered the workforce or the housing market, you may still be wrapping your mind around all of these terms. Here is what you need to know about the different types of taxes and how they affect you.

The UK broadly uses three ways to collect tax:

1. When you earn money

If you are an employee or own a business, taxes are deducted from your salary or profits you make. For most people, this happens in two ways: income tax, and national insurance contributions (or NICs).

If you are self-employed, you will have to pay your taxes via an annual tax return assessment. You might also have to pay taxes this way for interest you earn on savings, dividends (distribution of profits from a company or shares you own) received and most other forms of income not taxed before you get it.

Around two-thirds of taxes collected come from people’s or business’ incomes in the UK.

2. When you spend money

VAT and excise duties are taxes on most goods and services you buy, with some exceptions like books and children’s clothing. About 20% of the total tax collected is VAT.

3. Taxes on wealth and assets

These are mainly taxes on the money you earn if you sell assets (like property or stocks) for more than you bought them for, or when you pass on assets in an inheritance. In the latter case in the UK, the recipient doesn’t pay this, it is the estate paying it out that must cover this if due. These taxes contribute only about 3% to the total tax collected.

You also likely have to pay council tax, which is set by the council you live in based on the value of your house or flat. It is paid by the user of the property, no matter if you own or rent. If you are a full-time student or on some apprenticeship schemes, you may get a deduction or not have to pay council tax at all.


Quarter life, a series by The Conversation

This article is part of Quarter Life, a series about issues affecting those of us in our 20s and 30s. From the challenges of beginning a career and taking care of our mental health, to the excitement of starting a family, adopting a pet or just making friends as an adult. The articles in this series explore the questions and bring answers as we navigate this turbulent period of life.

You may be interested in:

If you get your financial advice on social media, watch out for misinformation

Future graduates will pay more in student loan repayments – and the poorest will be worst affected

Selling on Vinted, Etsy or eBay? Here’s what you need to know about paying tax


Put together, these totalled almost £790 billion in 2022-23, which the government spends on public services such as the NHS, schools and social care. The government collects taxes from all sources and sets its spending plans accordingly, borrowing to make up any difference between the two.

Income tax

The amount of income tax you pay is determined by where your income sits in a series of “bands” set by the government. Almost everyone is entitled to a “personal allowance”, currently £12,570, which you can earn without needing to pay any income tax.

You then pay 20% in tax on each pound of income you earn (across all sources) from £12,570-£50,270. You pay 40% on each extra pound up to £125,140 and 45% over this. If you earn more than £100,000, the personal allowance (amount of untaxed income) starts to decrease.

If you are self-employed, the same rates apply to you. You just don’t have an employer to take this off your salary each month. Instead, you have to make sure you have enough money at the end of the year to pay this directly to the government.


Read more: Taxes aren't just about money – they shape how we think about each other


The government can increase the threshold limits to adjust for inflation. This tries to ensure any wage rise you get in response to higher prices doesn’t lead to you having to pay a higher tax rate. However, the government announced in 2021 that they would freeze these thresholds until 2026 (extended now to 2028), arguing that it would help repay the costs of the pandemic.

Given wages are now rising for many to help with the cost of living crisis, this means many people will pay more income tax this coming year than they did before. This is sometimes referred to as “fiscal drag” – where lower earners are “dragged” into paying higher tax rates, or being taxed on more of their income.

National insurance

National insurance contributions (NICs) are a second “tax” you pay on your income – or to be precise, on your earned income (your salary). You don’t pay this on some forms of income, including savings or dividends, and you also don’t pay it once you reach state retirement age (currently 66).

While Jeremy Hunt, the current chancellor of the exchequer, didn’t adjust income tax meaningfully in this year’s budget, he did announce a cut to NICs. This was a surprise to many, as we had already seen rates fall from 12% to 10% on incomes higher than £242/week in January. It will now fall again to 8% from April.


Read more: Budget 2024: experts explain what it means for taxpayers, businesses, borrowers and the NHS


While this is charged separately to income tax, in reality it all just goes into one pot with other taxes. Some, including the chancellor, say it is time to merge these two deductions and make this simpler for everyone. In his budget speech this year, Hunt said he’d like to see this tax go entirely. He thinks this isn’t fair on those who have to pay it, as it is only charged on some forms of income and on some workers.

I wouldn’t hold my breath for this to happen however, and even if it did, there are huge sums linked to NICs (nearly £180bn last year) so it would almost certainly have to be collected from elsewhere (such as via an increase in income taxes, or a lot more borrowing) to make sure the government could still balance its books.

A young black man sits at a home office desk with his feet up, looking at a mobile phone
Do you know how much tax you pay? Alex from the Rock/Shutterstock

Other taxes

There are likely to be further tweaks to the UK’s tax system soon, perhaps by the current government before the election – and almost certainly if there is a change of government.

Wealth taxes may be in line for a change. In the budget, the chancellor reduced capital gains taxes on sales of assets such as second properties (from 28% to 24%). These types of taxes provide only a limited amount of money to the government, as quite high thresholds apply for inheritance tax (up to £1 million if you are passing on a family home).

There are calls from many quarters though to look again at these types of taxes. Wealth inequality (the differences between total wealth held by the richest compared to the poorest) in the UK is very high (much higher than income inequality) and rising.

But how to do this effectively is a matter of much debate. A recent study suggested a one-off tax on total wealth held over a certain threshold might work. But wealth taxes are challenging to make work in practice, and both main political parties have already said this isn’t an option they are considering currently.

Andy Lymer and his colleagues at the Centre for Personal Financial Wellbeing at Aston University currently or have recently received funding for their research work from a variety of funding bodies including the UK's Money and Pension Service, the Aviva Foundation, Fair4All Finance, NEST Insight, the Gambling Commission, Vivid Housing and the ESRC, amongst others.

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