"Josh Simons, the parliamentary secretary for the Cabinet Office and co-founder of the Labour Growth Group, made the frank remark on X in response to new analysis highlighting the soaring costs of housing and raising a family. Reacting to a report from The Times showing that bringing up a child now costs almost £250,000 over 18 years, Simons said well-educated adults aged between 20 and 40 found it "IMPOSSIBLE" to save for a home and afford to have children."
""Young people wanting a family while dealing with this cost pressure are having a s**t time," he wrote, adding that the UK's falling birth rate was a "BIG problem" that deserved more political attention. Simons said he "could vouch" for the financial strain personally as both an MP and a PhD holder - highlighting that even high-earning professionals were struggling."
"According to MoneyFarm, parents now spend around £65,016 on teenagers alone between ages 15 and 18. Meanwhile, the UK fertility rate fell to a record low of 1.41 children per woman in 2024, with the steepest declines among women aged 25 to 29, the very group Simons referenced. But the picture may worsen. Decisions taken by Simons' government colleague, chancellor Rachel Reeves, mean young professionals will face a significantly heavier tax burden over the next five years."
Josh Simons, parliamentary secretary for the Cabinet Office, said many young people are having "a s**t time" due to soaring housing and family costs. Bringing up a child now costs almost £250,000 over 18 years, and parents spend about £65,016 on teenagers aged 15–18. The UK fertility rate fell to a record low of 1.41 children per woman in 2024, with steepest declines among women aged 25–29. Freezing income tax thresholds until 2031 will raise tax and student loan burdens for future cohorts, worsening affordability for young professionals.
Read at Business Matters
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