10. What about Generation Rent and the Young?

But what about Generation Rent and the young, the sections of society bearing the largest part of the burden caused by globalization.

Sustained low interest rates and deflation accelerate a national wealth transfer to those with assets (business-owners, house-owners, pensioners, etc.) from those without, like most young adults starting out on their journey. Demonstrating both the thumping overpowering of labour by capital and financial repression at its most brutal, UK house price to average earnings ratios are at their most extreme. At this rate, at these rates, most of the next UK generation can forget about home ownership for a while, other than perhaps through inheritance or good fortune.

Elsewhere in Europe things are typically worse, with youth unemployment running at 40-50% or more in some countries.

Like most parents, when I look at my children I see in their confidence a startling future. In that context the outcome of this referendum worries me less. Thankfully maturing as they have through a period when my generation’s predictions, understanding and management of the economy have all been found out, I do think they’d thank me more for making a judgment call on governance grounds than for punting on which would be the better outcome for them.

A more supportive environment based on modest public borrowing and focused on wages, tomorrow’s talent and consumers could shrink the gap between wages and house prices (which everyone agrees would fall, though I personally think there are many other things that could impact them more than a Brexit). This could give generation rent greater access to home ownership.

Regardless, it seems to me that to vote Remain saddles the future UK generations with more disadvantages than advantages. A more unequal society, greater instability, poorer governance and a continuation of decreasing social mobility if we Remain. Depreciating labour competitiveness is a reasonably likely outcome whichever way the vote goes, though I confidently back our offspring and theirs to continue to compete hard and gain well – Britain really has got talent! Lots of it. It’s not alone in this. All countries should refocus their energies on their home economies, populations and in particular their youth.

Will the next generations lose, under Brexit, their treasured low cost air travel and other experiential development, their beloved social networks and their educational advantages over most of their price competitors in the developing world? Not for a long time, if ever, in my view.

On the contrary it seems to me that a Remain vote will be a vote to perpetuate the very forces that today undermine their long term welfare, security and mobility. I am one of the generation bequeathing to them a messier world. I am a member of perhaps the first generation in the history of mankind to be unable to say with conviction to their offspring, “The world will be easier for you than it was for me.” I believe I have only one way to go, for their sake.