Will Gen Z become the most unequal generation?
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- Опубликовано: 7 фев 2025
- This week, the world's richest came together at Donald Trump's inauguration and later in the week at Davos.
To mark the occasion Oxfam published new research showing the UK's billionaires are growing wealth at £35 million a day (yes, a day) - hot on the heels of a report showing 1 in 10 UK teenagers are now skipping meals because they lack the cash.
My book argues that unless we change course now, Gen Z, the extraordinary generation born since 2000 is set to become the most unequal generation for decades.
As the baby boomers die they will bequeath about £5.5 trillion to their heirs. But some will inherit fortunes and others will inherit care bills. And the unluckiest will also see wages driven down by a revolution in AI and Automation that could wipe out more jobs than the shut down of the coal industry and the steel industry put together.
Yet unequal nations have three things in common: they are poor, stagnant and corrupt. Is that really what we want for our children and grandchildren?
I think there's a better way forward.
www.inequalityofwealth.co.uk
#inequality #davos #genz #genzie #trump
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Liam Byrne is the MP for Birmingham Hodge Hill & Solihull North, Chair of the House of Commons Business & Trade Committee, and the Global Parliamentary Network of the IMF & World Bank. He is Honorary Professor of Social Science at the University of Birmingham, a Visiting Fellow at St Antony's College, Oxford and a proud patron of the National Association of the Children of Alcoholics.
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Gary Stevenson from Gary’s Economics has been saying this since covid lockdowns. We need to decrease the inequality but I doubt it will ever happen😢
Gen Z here. This will only exacerbate declining birth rates.
Statistically, poorer people have more babies than wealthy people..
@sOnIcBo0mBoY but they are not having nearly enough.
Hence the high diversity being brought in against the WILL of the people .... voted for since at least 2016 ..... economics over the well being of the natives .....criminal governments of ALL colours..
@@sOnIcBo0mBoY That's in poor traditionalist societies, not deracinated failed social-experiment dystopias
@@paulgibbons2320not necessarily true. The ONS projections are for an additional 5 million population increase over the next decade. Mostly from immigration. They will be net contributors to public finances. Of course this is an estimate based on current demographic trends but it may offset Gen Z declining reproduction.
I am 78 years young, and even I have now lost confidence in democracy
Mr. Byrne, thank you. This is the first time since listening to Lord Timpson that I think I've heard a serving MP speak who is fully in touch with reality.
You have under three years to enact a radical and bold wealth tax, where you tax wealth and not solely income. You have under three years to eradicate trusts where the wealthiest get away with not paying taxes. You have less than three years to tax the wealthiest more and the poorest less. You ought to get on with it.
Action is required from this government not sterile words.
UK trusts actually pay the equivalent of the highest rates of income tax on any income received into the trust, reclaimable if the income is distributed to trust beneficiaries down to their own normal tax rates, and also pay the equivalent of the highest rates of capital gains tax on all realised gains, and also pay continuing inheritance tax at rates broadly calculated to replicate the tax otherwise that might be expected to be collected over a generation that would have been paid under individual ownership. Trusts are largely about ongoing control of assets, not tax planning.
I agree with everything you say here Liam, something needs to be done, action is needed. Can't see Starmer doing anything, in fact he's doing the exact opposite! Up to you Liam.
Zero hour contracts should be illegal
How would that suit the individual who prefers his zero hour contract?
@@andyinsuffolk of which, is the majority of people on them.
I always find that those that are against them. are not even on them at all. they just want to be offended for on someones elses behalf
@@MinkieWinkleI find those who are on them are not even aware how exploitative it is until they come across a problem.
That individual is a uneducated slave.. I know because it was me for over 2 decades..
Slightly off topic Liam, but can you give an update on the governments pledge to claw back some of the money from the dodgy PPE contracts and the unfulfilled contracts?….Is there any progress?…..this would massively help the current financial situation.
Clear summary of this issue Liam. How many politicians in parliament think similarly?
Halfway through your book. I recommend it to everyone here.
We're scorched 🌋🌋🌋
As a Gen Z, I don't want democracy to end. I want a political system that I can call a democracy with a straight face.
@mishapurser4439 Totally agree with you, but with the lunatics in power at the moment it's not going to happen.
The young generation are expected to move out, get a steady job, get married and settle down, buy a home, and make babies for the next generation of workers. However, by the time they beat the massive odds stacked against them (assuming enough of them do so at all), they'll be way too old to make the babies society demands of them.
Will you be pushing this government on a wealth Tax on the ultra rich?
I can imagine the problem is not if, but how.
Unbelievable you left wing socialists .I am not remotely rich but if I was do you really think taxing any rich is a great idea .if I was rich I would be doing as much tax avoidance as possible. reason, i do not trust any government to spend my money wisely to benefit poorer people. And labour are doing this taxing non doms ,guess what ,many are leaving.Start taxing rich people, they will too .Britan will become far worse of as business take there business else where .
Wealth taxes will only help slightly, better to deal with the £120+ billion of "avoided" tax first and drive up wages, that will make a real difference.
Confidence had hit rock bottom in the past in times of War both before the renaissance & before the Victorian era, in this country (&~240years ago in France if we go back before the war(s) ). No matter how many neighbour countries just outside the British Isles are affected, it's very sad, that it has come so extreme as rock bottom for prospects of the generation that just finishes growing up (if I understood, all born in the last few decades are already affected and affecting those coming just after them), in a time of peace (actually the responsible, the bankers who controls the super-rich have really declared war on those ordinary not born into the handful of the top 0.0001% [not to say the top 35 families in the the UK, soon a handful on the whole planet rivaling with the Royals]); As this is a fatal war, all ordinary MPs should do something about it (& everyone concerned with the nation of the UK, British does mean something, even to those here who have not yet understood the very survival of the nation on top of the economy is in jeopardy here) before it becomes uglier than the times of Charles the first or before that of the Viking invasions, those who have gone to school before the late 1990s are meant to have studied the history they were taught, and that lessons to remember from history go as far back as Cain & Abel, even if (not going back before time immemorials) there's already a lot of drama since Magna Carta, a lot of it, since the Guthenberg printing Press, + we do know the previous one that fell (after the Richs of that time created a lot of inflation, just like this time around, but a bit less than they did in Germany [a couple of years after the previous pandemic] [my great-grand-mother (1886-1993) remembered that came after the pre-inflation Russian Bonds] 1921-1923) was the roman Empire, thing as it went, no-one can afford anything much beyond solidarity really (although all need to survive first, then protect the young), especially not for things going worse this time.
There will be no trust in politicians, or belief in what they say, until they all stop accepting donations. No one, or company, gives a politician money for nothing in return. Also, stop whipping in the HoC and let MPs vote with their conscience for true democracy.
Good points but perhaps a free choice of representative in a representative democracy might be critical as well?
The UK babyboom was 1958-71.
Our boomers are aged 55-68.
They will not die until 2040-2055.
I was born in 1946 and am an early baby boomer (1946 to 1964), and I plan to live for another 40 years at least, so go suck on that.
Our bosses can keep cutting wages, but they rely on people having money in their pockets to buy the goods and services that bosses businesses produce.
If people don't get paid, the don't buy stuff.
👏👏
Most of the Gen Z disadvantages mentioned are either caused or greatly influenced by Westminster and our politicians meddling with things they have no competency to manage. UK Student debt is an almost entirely political invention supporting an ideological target of 50% degree education. Our housing situation is a multi-generational regulatory creation. I don't claim that the answers are simple -some are - but most of the problems are created by Westminster, all parties. I think we can begin a rapid turn-around by instituting a real democratic constitution and cutting MPs down to a minimum - a 100? to start reducing the damage they wreak. It looks like the cost of our recent ruling classes have been truly immense.
Thank you for everything you are doing. I support your efforts, keep up the good work!
I am very fortunate, and a bit older than genZ , but I have noticed that the younger people have messed over by business because profits, few being a coop
Interesting points you make. I was born in 1960 and have enjoyed full employment up to my retirement. I forsee a pretty tough life already for the younger generation. I also see civil unrest and as someone has already pointed out, a possible slowdown in the birth rate. Once people start to realise that they are going to have to work all their life because they don't have enough for retirement, maybe suicide and early deaths due to stress related diseases will start to happen. Would making education free to all help in any way? Pretty much like global warming, too little too late. Seems like it will become survival of the fittest.
Thank you for saying _zed_ and not following the 'Merkin lead.
As someone in their 20s, in my experience people are always looking for excuses for not doing well, instead of actually focusing on improving their own situation, are prices higher, sure. that the true.
the number 1 driver for that is supply and demand, too many people not enough houses built. what happened in the late 80s to now. mass immigration, millions upon millions more buyers, and no increase in house building rates
Since Covid the pound has lost a third of its value.
When one finally understands the implications of fiat currency it will dawn on them how printing money that has no intrinsic value pushes up prices instead of supply & demand.
It’s frightening how little of this topic people are aware of.
That is why each generation is becoming poorer no matter how hard people try.
The game is rigged.
£35m on £1 billion is only 3.5% return. A lot of money in absolute terms, but not an excessive return on relative terms. Remember this will be taxed if it is income, taxed if it is realised capital gains and taxed on death if you are UK domiciled or deemed domiciled by living here for an extended period. But, the inequality is a real promlem as identified by Liam Byrne MP.
You need to join forces with Gary Stevenson
My grandfather bought a new 3 bed semi in Hampshire in 1929. It cost twice his annual salary. That same house would be 6 or maybe 7 times his equivalent wage.
And if you are on minimum wage, that means you will never afford it. This is the problem for the next generations.
Your grandad probably had just his income coming in. Nowadays, we need both partners working and earning to just try and get on the housing ladder!
I think the correlation between democracy and wealth is informative. Countries like Switzerland and the Scandis seem to be more prosperous than the less free. I would posit that the UK is not a democracy at all in 21st century terms, constitutional power has hardly shifted downward since the aristocratic era. So Liam could usefully fight for Democracy at Westminster first before worrying about redistribution - £12T shared per adult is not an impressive figure. Unless somebody has an argument that the UK really is a democracy - I can find no evidence that we made it since the last shuffle a century ago with universal suffrage?
Each year it is estimated that science and technology make you 2% richer. If gen z is so poor then this country must have been getting > 2% stupider each year or lazier. Where's gen z's version of Concorde for example?
If you stack a game against people. They get sick of playing and don't take part.
@@paulgibbons2320 Yes I definitely agree with that. Stacking the game agaisnt people, especially with dishonesty, is certainly part of modern-day stupidity. I personally wouldn't pay 50 grand for a degree. It would be a lot cheaper for me to buy a few textbooks. That would not cost 50 grand. Anyway, you only have one life and you don't want to waste it blaming others. It is best to make the best of what you have, and I suggest employing unconventional solutions to achieving your goals.
@@Andrew-rc3vh lol
Gen Zs Concorde is the Airbus A380 .. more people on that aircraft going to the same destination! .. like life I guess?
@@Syptah47 It was merely a copy of Boeing. The equivalent advance would see it fly at perhaps Mach 5. China is starting to build such a plane now and Gen Z are flipping burgers and pouring cups of coffee.
Why not tax the rich more. Well am saving for my son and also investing in crypto for him. I’m favored financially with Bitcoin ETFs approval, Thank you buddy.£3000 weekly profit regardless of how bad it gets on the economy.
Thank you Audrey for the guidance and advice, a blessing to my household
YES!!! That’s exactly her name (Audrey Lauren. ) so many people have recommended highly about her from Dublin Ireland 🇮🇪
If you don't want to crash and burn, you should seek the advice of a fiduciary counselor when you first start out. Because their entire skill set is based on going long and short at the same time, they employ a profit-driven strategy based on individual risk tolerance.
A lot of people still make massive profit from the crypto market, all you really need is a relevant information and some < professional advice. ‹ it's totally inappropriate for investors to hang on while suffering from dip during significant
This sounds so good and I would like to be a party to this, is there any way I can speak with her?
Hi Liam, I agree that inequality and wealth distribution are our main problems now. It's linked to the vast majority of our problems today.
So it's particularly troubling to see Labour do everything it can to facilitate the status quo and let it continue.
We need to change the game so it favours the majority over the minority at the top of society. It's so obvious what's wrong today, yet nothing meaningful is done.
The Patriotic Millionaires' slogan is "Taxes, not pitchforks." Take note, because the politicians will not be happy until the streets are burning if this situation isn't changed.
You have IHT and the Tories and Labour have made changes to ensure that large portion of transferred wealth will be captured by state. That is the freezing of nil rates for 15years and pensions being captured.
You should be commended for not only realising the issue, but also for speaking out publicly about it…..clearly a wealth tax is required to fix the issue. How do you propose to convince the rest of your party and specifically the leader of your party(and his cabinet), because he has made it perfectly clear he is not interested and there does not appear to be any pressure being put on him by the party….what’s the solution?
Proposing a wealth tax to a house full of solicitors, bankers, brokers and private landlords.
What chance does a bill like that have of passing ? 😂
They fudged the private landlords bill so there is no rent cap. They just let you keep a pet. 😂
Talk about lessons in futility.
The farmers are just showing you what happens when you try to tax rich land owners.
More direct democracy needed.
Outside of the house.
Liam, I am so pleased to hear that you understand the growing problems of wealth inequality. Asset prices are soaring due to the wealth explosion of the rich and as I'm sure you are aware there is growing unrest across the UK.
I am also sure that you will also be aware that the current political landscape in the UK is marked by polarization and resembles the conditions that preceded the rise of extremist ideologies in the past. This ongoing austerity and economic hardship can only serve to exacerbate divisions within society, making it easier for far-right groups to recruit and mobilize support.
The Nazis employed a nationalist narrative that promised to restore Germany's former power and prestige. Similarly, the previous far-right government and some other political parties are now often promoting nationalism and populism, promising to protect the interests of “native” populations at the expense of immigrant and minority communities.
Labour promised change, yet so far has delivered nothing to help address the standard of living and the growing wealth inequality. If fact I would go as far to say, you have pandered to the wealthy and back pedalled on your promises. You have introduced policies of hardship that were not in your manifesto that will have a serious adverse impact on the less than well off.
Please don’t use the excuse of the household budget, governments can print as much money as it takes to mend a broken society. What is labour going to do.
That's the thing governments have only three options, either borrow money off the world markets, tax the population harder, or print more money. All of these things make the working population poorer!
Of only there were ppl saying these sorts of things over the past 5 decades..
Oh wait, we did.
The super rich are investing heavily in AI and Automation on the stock market , so that their businesses can be more efficient, and other businesses lower down the chain will use it too.
You seem to have an excellent grasp of the huge problem of wealth inequality Liam....perhaps it is worth having a conversation with Rachel Reeves and Kier Starmer. And let's hope you do and they listen because if they don't, I think we all know what's coming down the line.....
how much cost is the ongoing storms and floods costing ? its not getting better its only started as any of this been costed in with 3rd run ways , and more infrastructure more roads
more boats more like ,as Donald knows each time he fills he diaper Nature does not wait nor care , and away from Starmer and Reeves, and with those that think, this can only escalate to totally uncontrollably ,where infrastructure will be totally destroyed all that pretend growth gone, how much of the country is a insurance desert do we have a map of the growing area
and its no good running back in a storm to a house whose roof has been ripped off and you could not insure
no doubt the Billionaires will be fine with all our money
Tax the rich
How though, people with wealth hide it.
I mean, the big 4 accounting behemoth firms have whole departs geared to hiding wealth and avoiding tax.
they have left so you will have to pay
@@garyb455 If you think the rich have left the UK then you might want to spend a few days in London.
@@garyb455that's a lie. They have gone nowhere.
And your party is continuing tax breaks for the richest and ignoring the environment, excellent 😂
Global Clean Power Alliance to accelerate the clean energy transition world-wide. Clean Power Plan for getting to a 95% renewably-powered electricity grid. £88 million joint industry-Government fund zero-emission vehicle technology. etc. All Labour.
Sure, they're ignoring the environment.
you want to live in cave
Your problem is your belief that the uk 🇬🇧 is a democracy 🙄..... youvare completely out of touch.....
What's wrong with inequality, exactly? You are fabulously wealthy compared to hundreds of millions out there. Have you thought of looking down with conscience rather than up with envy?
If Mr Byrne wishes to attract a large number of supporters - he must espouse left wing ethos - What is it? Espouse left policy. Public ownership of industry and agriculture. Just keep repeating that message. Espouse adequate standard of living.
Refrain from asserting that tragedy is fated to descend.
The opposite idiology being profits over people.
If you've £10 million cash 2%tax
Too much of the profits made are going to those at the top.....yes im for capitalism but but that shouldnt be defined by utter greed and not sharing the wealth with workers.
Contradiction alert.
Capitalism runs on greed.
@@paulgibbons2320 Socialism runs on stupidity.