To trust each other again, we need to become more equal | Larry Elliott

The gap between rich and poor has been widening for decades, driving a climate of mistrust that harms us all

From Adam Smith onwards, economists have recognised that trust is the glue that binds societies together. Nations in which people trust each other have stronger institutions, are more open, have less corruption, grow faster and are nicer places to live. Trust is notable by its absence in police states.

So it is a matter of concern that trust has become an increasingly rare commodity. In the US, there has been a precipitous drop in faith in the government. Almost four out of five Americans trusted Washington to do the right thing when Eisenhower and John F Kennedy were in the White House. Under Donald Trump, that has fallen to one in five. In Britain, Theresa May is trying to finesse a Brexit deal at a time when parliament is even less trusted than the banks. By a distance, the most trusted institution in the UK is the military. We don't trust big business, we don't trust the City, we don't trust the newspapers - and we certainly don't trust politicians.