Levels of financial inequality leave vast majority in poverty, actuaries suggest

Posted by ap507 at Feb 03, 2016 10:13 AM |
University of Leicester lecture to discuss issues of wealth distribution on Wednesday 10 February

Issued by University of Leicester Press Office on 3 February 2016

The significant and ‘unfair’ level of financial inequality in countries around the world will be discussed at a free public event at the University of Leicester on Wednesday 10 February.

A recent report by Oxfam has suggested that the 62 richest people in Britain have a combined wealth of £260.4bn, which exceeds the income of the poorest 30 per cent of the population combined.

Prominent actuarial mathematician Andrew Smith and Peter Thompson, the Master of the Worshipful Company of Actuaries, will be speaking at the event on the topic of Readjusting the Rations, based on the theme of inequality and its economic consequences highlighted in a paper recently published by the Actuarial Profession’s Financial Inequality working party: http://www.actuaries.org.uk/documents/b2-financial-inequality-working-party-2014-full-paper

Nick Foster, Lecturer in Actuarial Sciences from the University of Leicester’s Department of Mathematics, said: “The Readjusting the Rations paper, while eschewing a naïve equality of distribution as both unattainable and unworkable, recognises that the extreme concentration of wealth or income in the hands of a tiny few, leaving the vast majority in poverty, seems both unfair and inefficient. The paper considers what the current levels of inequality are, and how they compare with history and across countries.”

The Worshipful Company of Actuaries will also be explaining their work and presenting two prizes: one each to the best performing 2nd year and 3rd year BSc Mathematics and Actuarial Science student during the session.

The event is organised by the Leicester Actuarial Science Society (LASS), the actuarial student society at the University of Leicester.

The event takes place at 2:00pm on Wednesday 10 February at the University of Leicester.

ENDS 

Notes to Editors:

For more information please contact Nick Foster on nick.foster@leicester.ac.uk

 

 

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