Living wage

[victor]

So the boss of NEXT is quoted as saying that it is possible to live on the £6.70 an hour he pays his staff,so presumably he will be taking a pay cut??

[Workingman]

No.

He also predicted that prices will rise by at least 6%. He is not alone. Wetherspoons, Manpower, Whitbread and others have also raised concerns about prices and employment. Some say 60,000 jobs could be lost.

So, solving one problem creates other problems. Putting absolute figures and time-scales on such problems never works - remember Russian five year plans?

Labour's tax credits and other benefits have not helped the workers, they have allowed employers to keep wages low. Phasing them out will take time, but that is what will have to happen.

The National Living Wage (NLW) is nothing more than a pipe-dream.

[TheOstrich]

Equates to around £12,300 a year. Entirely possible to live on if you're (a) single (b) living at home rent-free (c) don't run a car (d) don't smoke, drink or have any other entertainments / vices (e) don't want to save to your future (f) don't want a foreign holiday and (g) have no aspirations in life.

That's what many young people - and 20 / 30 yos - are condemned to these days. Master O was, until he left his job recently, earning around £20k and still couldn't afford to rent or buy property in this area except in the crappiest ghetto districts ....

[Kaz]

Well said Ossie. That is exactly the bleak future facing many young people, and if I have to pay a penny or two more for a drink, or a pound more on a new jumper, to ensure a better future for them, then so be it!

[Workingman]

Same with my daughter, Ossie.

1st class degree, but sharing a house with two others. All of them on more than the notional NLW, yet none of them able to break free. They are all single. What would they do if they had families?

Social housing is now almost non-existent and BTL landlords are taking advantage - they buy cheap and rent high.

The system is broken and needs fixing. I will not be holding my breath.

[TheOstrich]

Master O is now without a job. He's looking to do voluntary work while he gets himself back on his feet.

In hindsight, it has possibly been a blessing that he is still single and has never been financially able to move out from home. Otherwise, both he (and we) would be in a right mess ....... It's not really what either he or we wants out of life, but there you go ....

[cromwell]

Same here. My son is still at home, earning circa £19k.
House prices are such that he has no chance of owning one.
Job insecurity is another factor.
Low wages, no job security - our young people have been badly let down by the people who run the country.