Thursday, August 22, 2019

Screwed by Capitalism

Those born in the 1960s were the last generation in Britain to experience a broad rise in living standards, the first official data on the subject has revealed.

A  report called “Tackling intergenerational unfairness”, government statisticians analysed the incomes of people born between 1920s and 1990s. They found that up until those born in the 1970s, each generation tended to be better-off than people born a decade earlier were at the same age.

“Stagnating income for more recent generations compared with their older counterparts is likely to be influenced by several factors. For instance, over recent years, wages and salaries have fared worse than their historical trends,” the Office for National Statistics (ONS) said.

In the 10 years since 2004, pay per head fell by on average 0.1 per cent each year, whereas in the preceding decade it rose by 3.9 per cent every year, the ONS noted.

The results are not uniform. For example, people born in the 1990s had a higher household income at the age of 27 than those born in the 1980s did at the same point in their lives, but the reverse was true at the age of 23. But, overall, the figures confirmed the broader trend.

“Pay progression has slowed for younger generations. They are unlikely to enjoy the same generation-on-generation income gains that their predecessors received,” it said.

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