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As a millennial living in London, I was not in the slightest bit surprised last week when it was revealed that the birth rate in England and Wales has hit its lowest level since records

began. What did everyone expect, after all? People in their twenties and thirties, the ones society has historically depended on to have babies, were left economically decimated by the 2008

financial crisis, and even ten years later they are feeling its effects. The result is that live births have fallen 10 per cent since 2012, with women in their 40s being the only group for

whom the rates did not decline. Commentators gave various reasons for the drop; some suggested educated women are shunning babies in pursuit of their careers – and writing for TheArticle on

Monday, Paul Morland said “low levels of childbearing is about personal choice”. We have even seen the Duke and Duchess of Sussex citing climate change as a reason for stopping at two kids.

These theories explain some of the trends, but there is a much more simple reason for them: not many young people can afford to have children now. To see how bad the situation is, one need

only examine a parliamentary report into millennials compiled two years ago, which shows the extent to which this cohort absorbed the brunt of the economic crash. They bore the largest falls

in real average earnings since 2008, with 47 per cent working in non-graduate roles, despite 40 per cent being graduates. Millennials have far fewer financial assets and wealth than older

generations, and 59 per cent live in rented accommodation. This last statistic is perhaps the biggest reason why birth rates have decreased, especially with so many millennials finding work

in London – where the housing crisis is most pronounced. It is estimated that the average monthly rent has hit a record high of over £2,000 per month for residents, which amounts to £24,000

a year. When the median salary for city workers in inner London is £34,473 per year, according to ONS data, you can see how difficult it becomes for people to settle down. The government has

shown incredibly little interest in tackling these financial burdens, particularly the housing crisis, as it means confronting some hard realities. For one, many politicians like free

movement – as it means cheap labour, and boosts the economy. But it has also overstretched the housing market, with London’s population increasing 1.7 million between 1997 and 2016, while

only 370,000 homes were created. MPs do not want to build on the green belt either, which would be one of the fastest ways to tackle the crisis. They ignore this suggestion as it upsets

voters living there, whom they hope to target at future elections. But they must wake up, and examine the birth rate drop which has terrible implications for society. For starters, MPs must

consider how the UK will look in 20 to 30 years time, when there is a younger generation missing. What will happen to the elderly, who have no sons or daughters to care for them? Presumably

the loneliness crisis, which MPs often remind us of, will have worsened, too. And that’s even before we get to tax. Politicians, particularly those in the Labour Party, frequently talk about

the need to invest more in society. But where are they expecting all this money from? A population that has never been born? When I put this dilemma to my Twitter followers, a few replied

that the government could depend on freedom of movement and immigration to obtain future tax. But this is a cynical argument, for both parties. For one, workers from abroad aren’t just

economic pawns the government can turn to whenever they want to save money. And the government has a duty to protect its own population, too. Is there any bigger failing than being unable to

house your own citizens? For some, it’s a good thing that birth rates are going down, as the planet is overpopulated already. But, as R.T. Howard pointed out for TheArticle this week, there

are now huge disparities across the globe, with undeveloped nations booming, and developed nations in decline, leading to great geopolitical instability. In the UK it’s fundamentally

strange that in a prosperous economy, where millennials work hard, what was once a reasonable goal – having a family – has become so tricky. It’s not an exaggeration to call the birth rate

drop a national catastrophe.