Politicians have been talking more openly about raising birth rates, but HS says the measures taken so far have not moved the issue in the desired direction. Instead, the paper says, young adults’ confidence in the future has weakened.

The debate matters because birth rates are closely linked to the long-term supply of workers, public services and the sustainability of public finances. HS argues that the key issue is not a single family-policy decision, but the wider sense young people have about their economic and social future.