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Missing incomes in the UK : evidence and policy implications
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Advani, Arun, Ooms, Tahnee and Summers, Andy (2024) Missing incomes in the UK : evidence and policy implications. Journal of Social Policy, 53 (2). pp. 386-406. doi:10.1017/S0047279422000290 ISSN 0047-2794.
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Official URL: https://doi.org/10.1017/S0047279422000290
Abstract
Policymakers are liable to ‘treasure what is measured’ and overlook phenomena that are not. In an era of increased reliance on administrative data, existing policies also often determine what is measured in the first place. We explore this two-way interaction between measurement and policy in the context of the investment incomes and capital gains that are missing from the UK’s official income statistics. We show that these ‘missing incomes’ change the established picture of economic inequality over the past decade, revealing rising top income shares during the period of austerity. The underestimation of these forms of income in official statistics has hidden the impact of tax policies that disproportionately benefit the wealthiest. We urge a renewed focus on how policy affects and is affected by measurement.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions |
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Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Income distribution -- Great Britain, Fiscal policy -- Great Britain, Wage differentials -- Great Britain -- Measurement | ||||||||
Journal or Publication Title: | Journal of Social Policy | ||||||||
Publisher: | Cambridge University Press | ||||||||
ISSN: | 0047-2794 | ||||||||
Official Date: | April 2024 | ||||||||
Dates: |
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Volume: | 53 | ||||||||
Number: | 2 | ||||||||
Page Range: | pp. 386-406 | ||||||||
DOI: | 10.1017/S0047279422000290 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Re-use Statement: | This article has been accepted for publication in a revised form for publication in Journal of Social Policy. https://www.cambridge.org/core/journals/journal-of-social-policy | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 8 March 2022 | ||||||||
Date of first compliant Open Access: | 10 March 2022 | ||||||||
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