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Great Wage Freeze Pits Young Against Old

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Interesting article from economic journo Ben Walker on the decline of wages and increase of house prices.

Quote: " The worst hit were young people, who have become trapped in economic treble whammy of high rents, few assets, and falling wages. Set that against a backdrop of spiralling house prices (they rose around 10% last year, and a mind boggling 15% in London, meaning Londoners’ whose house was worth £400,000 in January made £60,000 by Christmas in unearned assets). Despite their stuttering salaries, homeowners, thanks to record low interest rates and rocketing home equity, can turn their houses into capital-raising cash machines."

Full piece here: http://www.aatcomment.org.uk/aat-view/in-the-news/great-wage-freeze-pits-young-against-old

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