In 1998, workers had a shot at owning their own home. Now, stagnant wages and rising house prices has created two distinct groups in Britain, those who own property and those who never will. The ones who do not are of course, paying rent to the rich. This shows the rich are getting richer and the poor, poorer.
Key Takeaways:
- There are now two distinct classes in Britain: Those who own property and those who are getting poorer
- That double-whammy — housing costs and stagnant wages — are now the major source of inequality in Britain.
- Weekly wages have gone down significantly in the last 10 years. People have jobs, but the jobs are worse than before. Self-employment is getting worse.
“In 1998, most people had a shot at owning their own home. Now a full half of the population — younger people, mostly — have almost no chance of buying property. That has created two classes in Britain: property owners and people who are getting poorer.”