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First time in 50 years young Britons starting work cannot expect to be better-off than their parents

In early 2010, David Willets MP, who became the UK Minister for Universities and Science in May of that year, said that in 1974 the average 50-59 year old male earned 4% more than a 25-29 year old. In 2008 it was 35% more; during the recession employment of over 50s reached a record high and of under 25s a record low. He said the huge wealth accumulation of the post-World War II baby boomer generation resulted from globalisation, which had drawn large numbers of workers in the developing world into the global economy, while helping to keep prices down and to improve returns on capital. However, this has had the negative impact of depressing wages for younger workers, who would find it hard to save to invest or buy homes. Recent research by the Financial Times shows that for the first time in half a century, young Britons starting work cannot expect to be better off than their parents, and that living standards of people in their 60s have overtaken those of 20-somethings for the first time.
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