THE Institute of Economic Affairs has criticised the latest report from Oxford-based charity Oxfam.

In Time to Care, Oxfam outlines how global inequality is entrenched.

The institute’s Mark Littlewood said: “Oxfam’s obsession with the top one per cent and wealth inequality once again distracts from the real issue of poverty.

“If the charity’s goal is to end world poverty, Oxfam should be making the case for ensuring the right institutional frameworks exist to allow free markets to thrive and economic growth to flourish.

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“Capitalism has without a doubt the best track record for lifting people out of poverty.

“While demonising capitalism might be a fashionable in the affluent West, the past few decades alone have seen hundreds of millions of people benefit from economic growth and the subsequent rises in standards of living."

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Oxfam's report also attempts to show how 'sexist economies' are boosting the inequality crisis and enabling a wealthy elite to accumulate vast fortunes at the expense of ordinary people and particularly poor women and girls.