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Securing Assets for All

Securing Assets for All

About this Workstream

The past 30 years has seen the deepening concentration of ownership and a widening disparity of outcomes in the UK. Today, the country is divided between the few who are assetrich and receive exorbitant returns, and the many that have been denied access to meaningful assets while the relative worth of their wages has steadily declined. Recent analysis has put this divide into sharp perspective: the richest 1 per cent own as much in property, pensions and financial assets as the poorest 55 per cent, while this difference is further exacerbated by the ever-widening chasm in income levels. Unjustified by merit and result, but owing all to the leverage that built-in market advantage delivers, we are rapidly creating an economic serfdom that we thought long abolished.


The majority of people are by comparison both underpaid and asset-poor, without adequate savings and pensions to provide financial security, they struggle to enter and maintain a place in the housing market. Such double disparity in income and ownership is detrimental to society, entrenching longterm poverty and welfare dependency, and leading many to disengage with the political process and civic engagement. If people are denied a stake in both economy and society, then understandably they will soon disclaim responsibility even for their own destiny.

Against the typical logic of both left and right, we need to recognise that individual responsibility and social solidarity run in tandem. By moving beyond state or market-led solutions we can encourage an ownership-based economy, in which everyone has an economically underwritten place in their community and nation. Bringing this about requires new models of ownership and exchange from where we own in degrees, out-rightly personally, and for ourselves as well as in common and with others. This would be a genuinely ‘free market’, as all would own and all could trade with something in addition to their labour. We therefore need a fairer sharing of risk and reward in every financial process. All lenders of money, from banks to building societies must be regarded as investors in the processes they enable: as part-liable for the risks incurred by borrowers, but on the other hand, as co-partners and advisors in the enterprises of ownership and entrepreneurship which borrowers undertake. Whatever the loss of economic autonomy for an individual owner of capital, it is balanced by greater shared economic security and lowered risk that this delivers. Heightened rights to a stake in the success of the bank to which one belongs, may well act as a platform for personal wealth to be invested in things other than residential property and an increase of influence about the shape of the built environment and the nature of the city or locality one operates in would help encourage the kind of mass ‘at scale’ investment that small business and social enterprises need.

Projects
All politics is local

Underlying the recent rejection of past decades’ political certainties is the belief among many communities that they have been cut off from the wider country....

Projects
Recognising and revitalising cultural identity

Culture, the arts and creative industries are vital to economic prosperity and social reform. Too often, culture is overlooked by policy-makers as they seek, wrongly,...

Projects
Towards a new housing settlement

An affordable, secure, and comfortable home is a foundational block of any good life. But we have an increasing deficit in housing supply, caused by...

Coming Home to Roost: The British Poultry Meat Industry After Brexit – Report Launch
6th September 2018

Join us at the launch of our new report on the British Poultry Sector post-Brexit. In this report we outline how the future of the...

Appetite for Global Success: How food and drink manufacturing through the industrial strategy can feed UK prosperity and serve global needs
2nd November 2017

ResPublica is launching its latest report on the importance and strength of the Food and Drink manufacturing sector and its role in the entire food...

Defending Religious Liberty: Placing society at the heart of the new British Bill of Rights
30th November 2016

Fiona Bruce MP, Chair of the All-Party Parliamentary Group on Religious Education, is joined by academics and other experts, in a discussion of the value...

Going to Scale: Building the homes we need
17th November 2016

Clive Betts MP, CLG Select Committee Chair, joins Stephen Hammond MP, Treasury Select Committee member, to discuss our new approach to scale up and accelerate...

True North 2016: Realising the Northern Powerhouse
8th July 2016

On Friday 8th July, ResPublica’s inaugural North conference Finding True North hosted over 250 leaders from across the North at the beautiful Lowry Theatre, Salford....

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8th March 2016

Skills Minister Nick Boles joined Sir Terry Morgan, Chairman of Crossrail, and Andy Mitchell, Chief Executive of the Thames Tideway Tunnel, to debate how our...

Make or Break: Why Britain needs a manufacturing resurgence and how we can help it to take place
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Speakers  Caroline Flint MP Anna Turley MP Seema Malhotra MP Lord Bilimoria of Chelsea Chaired by: Phillip Blond, Director, ResPublica The recent collapse of the...

Building for the Future: What now for housing?
16th June 2015

Keynotes – Roberta Blackman-Woods MP, Shadow Housing Minister Clive Betts MP Speakers –  Sara Bailey, Head of Residential Real Estate, Trowers & Hamlins David Cowans,...

Vocational Banking: Restoring trust and confidence in financial services
28th May 2015

On the 28th May 2015, ResPublica hosted a breakfast panel session entitled Vocational Banking: Restoring trust and confidence in financial services. Featuring a keynote speech...