The British youth is quickly becoming a ‘new economic underclass’, while older people get wealthier, according to a report from the Equality and Human Rights Commission (EHRC). Not only do youngsters have a poorer chance of securing a job, but those already in work, who saw their pay fall during the economic downturn, are apparently also the least likely to have felt any positive effects since the recovery.
16-24-year-olds naturally make up the lowest paid part of the workforce, and are said to have lost an average of 60p per hour in wages between 2008 and 2013, while 25-34-year-old workers typically lost £1.40 an hour. Surprise, surprise, the younger generation's downturn in fortunes coincides with 2010's election of the Conservative-led coalition government.
Meanwhile, workers close to retirement age have seen a 20p per hour wage fall, and those between 65 and 74 actually gained 20p an hour over the same period. EHRC says that young adults are now facing the “worst economic prospects for several generations.” The news comes as the Office for National Statistics says Britain’s population will grow by 10 million in the next quarter-century. Mr Cameron, I implore you to listen to Whitney's famous words.