Will Hutton develops the link between financial capital endowments and university access.
Students from poorer families are much less likely to go to elite institutions, will then earn less and pay more in loan repayments. Given the source of much middle class wealth (unearned profits from residential house price inflation), the inequity is even more distressing:
“Britain is in the process of creating the most stratified, least socially mobile, cruelly unfair society in its treatment of the young in the advanced world. The over-50s, rejoicing in the untaxed capital gains they enjoy from buying property a generation ago, will help their own kids, but are not asked to help anyone else’s. As in the US, family formation, the birthrate, home ownership and small business startups are all beginning to be affected and parents will work far into old age to try to help their children. All this to ensure that the allegedly malevolent state is shrunk.”
Read the full article on The Guardian website.