Rising asset wealth and falling real wages ‘drive inequality in Britain’

Young people no longer able to rely on hard work to improve their living standards as they age, says IFS

Working for a living has become a harder way to grow rich in modern Britain amid rising wealth inequality over the past decade, according to research published today that warns of a breakdown in social mobility as inheritances grow in importance.

The Institute for Fiscal Studies said wealth had grown rapidly compared with earnings from work since the 2008 financial crisis, driven by a surge in house prices and financial assets - such as stocks and shares - at a time of flatlining progress for average wages.