How much do you have to earn to be rich? Join our live look at the week


Join us below the line from noon to 4.30pm BST to discuss the week’s news and comment stories, with input from journalists here and in the comments

2.32pm BST

Here are a couple of your thoughts so far on wealth:

are you rich if you earn at least £70,000 a year?

All relative, innit? You live alone in London and rent in the private sector you certainly won’t feel it

Imagine, if you will, that we decide to tax people on a global scale – a standard rate across the world.

In the UK, you would be in the top 5% of earners, on a salary of about £14k. So you are taxed an additional rate due to being ‘rich’. But this isn’t fair, is it, because the cost of living in Mozambique is a lot cheaper than here – you aren’t rich, but it is agreed that globally that is where ‘rich’ starts, and you are taxed accordingly.

2.14pm BST

This question was thrown into sharp focus this week when Labour MP John McDonnell told the BBC Labour would be “looking to the corporations and to the rich to pay their share”.

When pressed to define the rich, McDonnell said it would include those earning “above £70,000 to £80,000 a year”.

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April 21st, 2017 by