Gap between rich and poor growing with under 35s worst hit, report reveals
Those in their 20s and 30s are the only group that have not seen their incomes rise to pre-crisis levels
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Your support makes all the difference.In the decade since the start of the financial crisis those under the age of 35 have struggled while the top 1 per cent have recouped any losses, according to a new report that sheds fresh light on inequality across the UK.
Households with an income of more than £275,000 have recovered from the slump and their share of national income has now returned to pre-crash levels.
In contrast, under-35s are the only group that have not seen their incomes rise to pre-crisis levels and instead have found themselves frozen out of home ownership by low wages.
The research, conducted by the Resolution Foundation, also claimed that inequality, housing tenure and a country divided by age explained why Labour exceeded expectations in the general election.
Adam Corlett, senior economic analyst at the think tank, said successive governments had failed to deliver decent living standard growth for young families.
“The incomes of the top 1 per cent took a short, sharp hit following the financial crisis. But they’ve recovered rapidly since and the very richest households have now seen their share of the nation’s income return to very high pre-crisis levels,” he told The Guardian.
“In contrast, for millions of young and lower income families the current slow-down comes on top of a tough decade for living standards, providing a bleak economic backdrop to the shock election result. Over the last 15 years Britain has failed to deliver decent living standards growth for young families and those on low incomes,” Mr Corlett added.
The report also suggested it was a surprise that it had taken groups who were doing badly so long to vote against the status quo.
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