Equality Between Generations Is In Terminal Decline In Britain

Since the end of the postwar consensus in the UK in the late 1970s, under which the two biggest parties broadly accepted a socioeconomic and political system, each generation has become steadily worse off than the one preceding it, by most measures. House prices are one clear example. At the end of 1975, the average house price in Britain was £11,288, according to Nationwide. In 1995, it was £50,930. The average at the end of 2015 was £197,044. Wages have, of course, risen during this time; in fact, they have nearly doubled for full-time employees since 1975, after accounting for inflation. Which is good, except that over this period, the average house price increased by 1,645%. Even adjusting for inflation, the increase still dwarfs that of salaries.

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