IFS real earnings youth

Today the highly respected Institute for Fiscal Studies held a briefing on the Autumn Statement, to underline the state of the British economy.

In their briefing was this extraordinary chart.

It shows that since 2008, the youngest people in Britain are 7% worse off (earnings after inflation is taken into account.

Meanwhile, the living standards of the oldest people in Britain are 11% better off.

What it underlines is the extraordinary and growing generational divide among Britain oldest and youngest.

And it has been created by a Tory government that has continually apportioned more benefits and breaks to older voters than the young.

As the IFS’s Paul Johnson said today:

One cannot stress enough how dreadful that is — more than a decade without real earnings growth.

And…. Brexit has made it worse

Half of the wage growth projected for the next five years back in March is not now projected to happen.

If you’re feeling angry at the economy then its entirely justified

  1. It may be easy to blame the baby Boomers.But I am one of them.I can not see how all of us can work the extra years , I am not physically as able to do the same jobs now.The Pension was expected at 55 then at 60 for women.Why didnt the government plan when I started work not keep moving goal posts.

  2. Angry 50's Woman says:

    I agree. I was born in the 50’s and will now have to work until 65 (assuming I am fit enough to keep my job and able to find another if I have to give that one up). I daresay that despite the increase in longevity overall thanks to medical advances, there will be a significant increase in the number of women who either die before ever being able to claim their state pension, or who will only have it for a few years. It feels like robbery!

  3. Chris Jackson says:

    Women now have equality but in this they don’t want it nor will they accept means testing. Welcome to the age 65 pension, men have had for years its not funny is it? it is however all our children can afford as we are living longer and taking more.

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