Wide open? ‘Open bank­ing’ will mean more fraud

Per­sonal Ac­count

The Daily Telegraph - Your Money - - FRONT PAGE -

Page 2 al­most all cir­cum­stances, breach­ing min­i­mum wage laws, but many peo­ple don’t re­alise that there are sev­eral av­enues to rec­om­pense. The IPPR es­ti­mates that as many as one in five of all in­tern­ships are un­paid.

Liz Emer­son, co-founder of the In­ter­gen­er­a­tional Foun­da­tion, said the in­tern­ship sys­tem mas­sively favoured those with wealthy fam­i­lies who live in Lon­don or the South East.

“With 500,000 new grad­u­ates com­ing into the labour mar­ket each year, their earn­ing power is very much at the dis­cre­tion of older em­ploy­ers, who were paid when they them­selves en­tered the work­force,” she added.

“Young peo­ple need de­cent wages and good prospects if they are to be able to build up enough wealth to see them through their own old ages and not just pay the bill for to­day’s un­af­ford­able 25-year long re­tire­ments.”

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