The middle classes will die out within 30 years because of rising property prices, which will rob today's children of their dreams, an economist has warned.
David Boyle, a government adviser and fellow of the New Economics Foundation think tank, said that youngsters can no longer expect the same level of affluence as their parents.
Speaking at the Hay Festival he warned that Britain will be left with a "tiny elite and a huge sprawling proletariat" who have no chance of "clawing their way out of a hand-to-mouth existence".
He predicted that the average house price will reach £1.2 million by 2045, putting a home beyond the range of most people as wages fail to keep up with huge increases.
Mr Boyle said that the traditional middle classes will need three or four jobs just to be able to pay soaring rents. People will no longer have the space or time to pursue cultural interested [sic]. » | Sarah Knapton, Science Correspondent | Wednesday, May 26, 2014
