Debt ahead for ‘Thatcher’s children’

Policy Exchange claims that twentysomethings are suffering from student debt, rising house prices, a pensions crisis and soaring house prices.

“The pensions crisis, the housing boom and the cycle of inflation and disinflation have shifted power and wealth to the baby-boomers,” shadow education secretary David Willetts said according to the Sunday Telegraph.

Comments come as the government prepares to reform the pensions system but continues to increase tuition fees.

Many graduates are now declaring bankruptcy as they struggle to clear debt, but Mr Willetts urged official action.

“It will be a crucial economic and indeed ethical test for that generation to ensure that today’s young people, the older generation of 2056, have the same opportunities that we have enjoyed. So far we are failing that test; if we are to pass it, we have to act soon,” he said.