Sexual harassment in the City

It's not just Westminster.

The sexual harassment allegations against Lib Dem peer Lord Rennard and the accusations levelled at the Lib Dems that they ignored the complaints against him, have drawn attention to how women are treated in Westminster.

A piece in today's Guardian claims that "many women at Westminster…complain of encountering neanderthal behaviour among prominent parliamentarians" and lists a number of incidents of sexual harassment faced by women MPs, aides, lobbyists and journalists. It blamed the 'antiquated rules' that govern parliament, with one female victim of sexual harassment saying that the men involved understand that they are in a position of "power" and that a woman hoping for career advancement is unlikely to kick up a fuss.

It's not only Westminster that's governed by these rules, but the City too. When I was fifteen and doing my GCSEs, I did two weeks work experience at a magic circle law firm. One of the trainees charged with assisting me in operating the photocopier and other important tasks, started behaving increasingly inappropriately towards me. It was a relief to leave after two weeks, and even a decade on, I cringe at the memory.

I was too young then to understand just how wrong his behaviour was. I found the whole situation deeply embarrassing — but then, when you're 15 life in general is deeply embarrassing. I like to think I'd launch a formal complaint if it happened today, but it's rarely easy to make this kind of complaint about someone in power — particularly when they are in charge of your career advancement.

A (male) friend of mine working at an investment bank has confided in me how difficult he finds the 'banter' at work — especially when he sees how uncomfortable it makes his one female colleague, who is forced to either play along or risk being sidelined in the team. I will never forget a female former-RAF captain who now works as an investment manager telling me that she experienced far more sexism in the City than in the army.

I don't want to suggest sexual harassment isn't rife elsewhere — waitressing, I remember, was awful for it too. But, with their large HR departments, big City law firms and banks have many more resources than small businesses to clamp down on inappropriate behaviour.

Whether you're a 15-year old intern, a 35 year old associate, or a 55 year old partner, it can be both embarrassing — and potentially career-damaging — to report incidents of sexual harassment. That's why it's so important that if HR executives, or other employees in senior positions, spot their colleagues behaving inappropriately, they speak out.

This piece first appeared on Spears.

City of London. Photograph: Getty Images

Sophie McBain is a freelance writer based in Cairo. She was previously an assistant editor at 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.”