Ben Pruchnie / Staff

Britain’s most senior clergyman, the Archbishop of Canterbury, believes that Britain’s economic model is “broken” and that the country is at a “watershed moment” where choices about the future must be made to ensure that the gap between the country’s richest and poorest does not widen further.

Writing as part of a new report from think tank, the Institute of Public Policy Research

, the Most Reverend Justin Welby said that Britain’s economy system is effectively not fit for purpose, benefitting site, mouse click the following webpage, the haves, and punishing the have nots.

“Our economic model is broken. Britain stands at a watershed moment where we need to make fundamental choices about the sort of economy we need,” Welby said in comments released as part of IPPR’s “Time for Change: A New Vision for the British Economy” report.

“We are failing those who will grow up into a world where the gap between the richest and poorest parts of the country is significant and destabilising.”

IPPR’s report argues that while average GDP per capita has grown 12% in the last seven years, the average earnings per person in work have actually fallen around 6%, suggesting that wealth is not being spread anywhere close to evenly. The same has also happened over a longer time period.