British boomers are losing out for the first time
A generation used to having everything its own way is not happy
The 1950s were a good decade to be born in Britain. A newly minted welfare state ensured that your early years were free from squalor. For the lucky few who made it there, university cost nothing. During your peak earning years, taxes plunged thanks to Margaret Thatcher, oil gushing from the North Sea and the restorative effect of the EU’s single market on the sick man of Europe. Rocketing house prices more than compensated for a few years of high interest rates. Defined-benefit pension schemes, then still the norm, ensured that retirement would be prosperous.
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This article appeared in the Britain section of the print edition under the headline “After the pinch comes the punch ”
Britain March 30th 2024
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From the March 30th 2024 edition
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