The pressure rises on James Murdoch

The conclusion from today's evidence is clear: either Murdoch is lying, or Tom Crone and Colin Myler

James Murdoch, who cancelled a planned trip to Asia to watch today's media select committe hearing on phone hacking, will have had an uncomfortable morning. Colin Myler, the former (and final) editor of the News of the World, and Tom Crone, the paper's former head of legal affairs, have stuck to their story and insisted that Murdoch did know about the infamous "for Neville" email - the document that blew a hole in News International's "rogue reporter" defence.

Crone stumbled at one point and appeared unable to say whether Murdoch was aware that phone hacking extended beyond the paper's royal editor Clive Goodman and private investigator Glenn Mulcaire [the logical conclusion of the email, which featured a hacking transcript, marked for Neville Thurlbeck, the News of the World's chief reporter]. But Myler came to his rescue and insisted that "everybody understood the significance of the "for Neville" email." In other words, not only did Murdoch know of the existence of the email, he also knew that it destroyed the paper's legal defence.

Yet when he appeared before the select committee in July, the News International chairman denied that he was even made aware of the email. Here's his exchange with Tom Watson:

Watson: "James - sorry, if I may call you James, to differentiate - when you signed off the Taylor payment, did you see or were you made aware of the full Neville email, the transcript of the hacked voicemail messages?"

James Murdoch: "No, I was not aware of that at the time."

When this answer was queried by the Guardian, Murdoch's office provided a written statement repeating his denial: "In June 2008 James Murdoch had given verbal approval to settle the case, following legal advice. He did this without knowledge of the 'for Neville' email."

At one point, Crone said of Murdoch: "I can't tell you whether on his part there was ambiguity." If we assume that Crone and Myler are telling the truth, Murdoch's only plausible defence is that the importance of the "for Neville" email was explained to him in the most opaque fashion. But Myler's declaration that "everybody understood" its significance appears to rule out this possibility.

The conclusion from today's evidence is clear: either Murdoch is lying, or Crone and Myler are. It is now imperative that the committee recalls Murdoch and asks him to resolve this contradiction.

George Eaton is political editor of the New Statesman.

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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.”