How the Lib Dems fared...

Mark Pack - head of innovations for the Liberal Democrats - reports a mixed picture for his party

It's the afternoon after and results are still coming through thick and fast, so - between now slightly drooping eyelids - how does it look for the Liberal Democrats so far?

Taking the four yardsticks I blogged about on Wednesday, the scorecard looks like this so far.

First - Scotland. It looks like our vote is up, but we won't be gaining seats, and there is also a similar picture in Wales. Some individually excellent results, including the mammoth vote increase (+20%) for Tavish Scott in Shetland, are mixed in with the less good.

Second - the key Westminster marginals. This is the very good news for the Liberal Democrats today - with gains from the Conservatives in seats like Winchester, Eastleigh, Westmorland and Lonsdale, Cheadle and Eastbourne. If the Conservatives were set to make major gains from the Liberal Democrats at the next general election, they should have been romping home in seats like this - but they weren't.

In some places there is clearly a very large difference between our results in key constituencies and the Liberal Democrat performance in other nearby areas. Where we have suffered badly, as in Bournemouth, it seems to have been on the back of particular local controversies, but as shown by the relatively good results in Bath - scene of numerous controversies over the spa baths - these can be turned around.

This high level of variation in results from area to area is not just good news for the Liberal Democrats but also in part reflects voters' increasing interest in local circumstances and policies - which causes more variation in voting from area to area. That is bound to be good for democracy, regardless of whether we benefit or suffer from such variation.

Third - how well have the Tories done? They will still be a long way short of the level of local government strength that Labour had after 1996 or the Conservatives had after 1978. And the BBC estimate of their national share of the vote is only up 1% on last year.

Fourth - the Labour / Liberal Democrat contest in the popular vote.
Labour look to have just edged the Liberal Democrats (this time round).

I wrote before that, "the result I'll be looking out for most closely [is] the one where I was involved in a last minute legal scramble to sort out problems with the nomination paperwork. Let's hope that hassle was worth it!" It was - chalk up one Liberal Democrat gain.

Mark Pack is the Head of Innovations for the Lib Dems. He previously worked in their Campaigns & Elections Department for seven years.
Getty
Show Hide image

In your 30s? You missed out on £26,000 and you're not even protesting

The 1980s kids seem resigned to their fate - for now. 

Imagine you’re in your thirties, and you’re renting in a shared house, on roughly the same pay you earned five years ago. Now imagine you have a friend, also in their thirties. This friend owns their own home, gets pay rises every year and has a more generous pension to beat. In fact, they are twice as rich as you. 

When you try to talk about how worried you are about your financial situation, the friend shrugs and says: “I was in that situation too.”

Un-friend, right? But this is, in fact, reality. A study from the Institute for Fiscal Studies found that Brits in their early thirties have a median wealth of £27,000. But ten years ago, a thirty something had £53,000. In other words, that unbearable friend is just someone exactly the same as you, who is now in their forties. 

Not only do Brits born in the early 1980s have half the wealth they would have had if they were born in the 1970s, but they are the first generation to be in this position since World War II.  According to the IFS study, each cohort has got progressively richer. But then, just as the 1980s kids were reaching adulthood, a couple of things happened at once.

House prices raced ahead of wages. Employers made pensions less generous. And, at the crucial point that the 1980s kids were finding their feet in the jobs market, the recession struck. The 1980s kids didn’t manage to buy homes in time to take advantage of low mortgage rates. Instead, they are stuck paying increasing amounts of rent. 

If the wealth distribution between someone in their 30s and someone in their 40s is stark, this is only the starting point in intergenerational inequality. The IFS expects pensioners’ incomes to race ahead of workers in the coming decade. 

So why, given this unprecedented reversal in fortunes, are Brits in their early thirties not marching in the streets? Why are they not burning tyres outside the Treasury while shouting: “Give us out £26k back?” 

The obvious fact that no one is going to be protesting their granny’s good fortune aside, it seems one reason for the 1980s kids’ resignation is they are still in denial. One thirty something wrote to The Staggers that the idea of being able to buy a house had become too abstract to worry about. Instead:

“You just try and get through this month and then worry about next month, which is probably self-defeating, but I think it's quite tough to get in the mindset that you're going to put something by so maybe in 10 years you can buy a shoebox a two-hour train ride from where you actually want to be.”

Another reflected that “people keep saying ‘something will turn up’”.

The Staggers turned to our resident thirty something, Yo Zushi, for his thoughts. He agreed with the IFS analysis that the recession mattered:

"We were spoiled by an artificially inflated balloon of cheap credit and growing up was something you did… later. Then the crash came in 2007-2008, and it became something we couldn’t afford to do. 

I would have got round to becoming comfortably off, I tell myself, had I been given another ten years of amoral capitalist boom to do so. Many of those who were born in the early 1970s drifted along, took a nap and woke up in possession of a house, all mod cons and a decent-paying job. But we slightly younger Gen X-ers followed in their slipstream and somehow fell off the edge. Oh well. "

Will the inertia of the1980s kids last? Perhaps – but Zushi sees in the support for Jeremy Corbyn, a swell of feeling at last. “Our lack of access to the life we were promised in our teens has woken many of us up to why things suck. That’s a good thing. 

“And now we have Corbyn to help sort it all out. That’s not meant sarcastically – I really think he’ll do it.”