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Link to this page: https://www.socialistparty.org.uk/issue/919/23684
From The Socialist newspaper, 5 October 2016
UK workers born in early 1980s half as wealthy as those born in 1970s
We are the 99% - Take the wealth off the 1% Socialist Party placard, photo Paul Mattsson (Click to enlarge)
James Clopp
People born in the early 1980s are half as well-off as those born in the 1970s were at their age. This won't come as any surprise to today's 30-somethings.
A new report from the Institute for Fiscal Studies shows rising rent and house prices, combined with stagnating wages, put home ownership beyond the reach of many who have entered the workplace since 2000.
Certainly, from my own experience, the idea that you could save £30,000 - while the majority of your meagre salary is swallowed up by rent - seems impossible.
Leaving housing in the hands of private landlords and building firms has meant younger people are held to ransom. Not enough houses are built. Many lie deliberately vacant to keep prices high, while speculation in the property market drives rent higher and higher.
When I tell my friends that in the '80s, tenants could appeal to rent boards run by the local council to fix fair rents or guarantee tenure, they are incredulous! These are the kind of policies we need to escape the rent trap, along with a return to a mass council housing building programme.
The report also points out that pension entitlements have dropped dramatically for children born after 1980. We now face the nightmare scenario of heading into retirement with very little savings, while seeking housing in a hostile rental market.
We can start to turn this around by getting organised in trade unions, and fighting for higher pay and better pensions. In the longer term, we need to fight for a government with socialist policies.
The wealth hoarded by the capitalist elite should be taken off them, and used instead to guarantee everyone access to housing, and a dignified working life and retirement.
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The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.
The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.
The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.
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In The Socialist 5 October 2016:
What we think
Combative, vibrant unions should be central to the Corbyn movement
Socialist Party news and analysis
Sam Allardyce corruption shame: reclaim the game!
Asos workers fear taking toilet breaks, sacked for panic attacks
UK workers born in early 1980s half as wealthy as those born in 1970s
Millions have less than £100 savings
Black History Month
Workplace news and analysis
RMT president Sean Hoyle speaks to the Socialist
Durham teaching assistants ballot for strike
Napo conference 2016: new mood of determination
London Met strike against job cuts and victimisation
Socialist readers' comments and reviews
Corbyn's praise for Cardiff Labour is mistaken
Review: where you live can kill you
Review: international jazz protest storytelling
Socialist Students
Socialist ideas - winning a new generation of students
Socialist Party reports and campaigns
Thousands march against Tory conference
Protests against children's centre closures in Bolton
Why I joined the Socialist Party
Fighting fund record smashed again!
Leeds: Solidarity demo with Irish abortion fight
London: Socialism Today milestone celebration
Worcester: Public meeting discusses Corbyn
International socialist news and analysis
Poland: Fighting back against anti-abortion law
Ireland: repeal the 8th Amendment!
Joint declaration by Izquierda Revolucionaria and the CWI
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