‘UK failing its young generation as gap grows’

A new report says the UK is failing its younger generation as money and resources have been targeted at the older generation.

The prospects for young Britons have worsened since the conservative Tories formed government in 2010, Guardian cited ‘a devastating’ report by economists.

The latest findings of the Inter-generational Foundation, due for release this week, underline a sharply widening gap on its “fairness index” between people under 30 and those over 60.

The report shows how the younger generation is increasingly paying the price for supporting those in or around older age as the cost of funding their pensions and healthcare grows.

Since 2010, there has been a 10% decline in young people’s prospects across a range of measures including housing, education, health, income and debt, the report added.

Now Justin Urquhart Steward, director of the Seven Investment Management, says economic issues surrounding the youth are “socially destructive” and will impact the future economy.

According to the Guardian, young people who tried to climb the ladder out of poverty found there was no route to do so.

The latest report comes amid a backlash from young people against Treasury chief George Osborne’s budget last week in which he announced welfare cuts that will hit many young families.

The government spending cuts ended automatic entitlement to housing benefit for those aged 18 to 21, and replaced maintenance grants for students with a loan system.

Osborne also unveiled plans for a new “national living wage” that will rise to £9 an hour by 2020, giving millions of people a pay rise. But it will not apply to those under 25.