World Bulletin / News Desk
Capitalism in Britain is broken and needs urgent reform because it is leaving young people worse off than their parents, the Archbishop of Canterbury has said.
The UK is "failing" children who "will grow up into a world where the gap between the richest and poorest parts of the country is significant and destabilising", he said.
Writing to mark the launch of a report by think-tank the Institute of Public Policy and Research, the Archbishop said "radical economic reform" was required.
"Why are we hearing so many questions about the economic settlement that older generations are soon to bestow upon the country?
"Questions like, “Why are so many people so poor when others are so rich?” and “Why are young people going to be poorer than their parents?," he wrote.
The Archbishop recommended an overhaul of the education system to better prepare young people for work in an economy where technology rules, as well as "a fairer tax system where those who benefit most from the economy pay their fair share."
The report, part of the IPPR's commission on economic justice, of which Welby is a member, found that the period from 2008 to 2021 is set be the longest period of earnings stagnation for around 150 years.
"Young people today are poorer than previous generations at the same age. For too many people and parts of the country, the ‘economic promise’ of rising living standards has been broken," it said.
"For younger people, this has been a particularly tough decade. Those aged 22–39 have experienced a fall in real earnings of over 10 per cent from their pre-crisis peak to early 2017, while the increase in tuition fees and the interest paid on them have seen a dramatic rise in student debt," it adds.
The report suggests better regulation of the "gig economy", better access to affordable housing and limiting growth in executive pay.
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