Previous U.K. population-based studies have found associations amongst early speech and language difficulties, socioeconomic disadvantage and children's word-reading ability later on. We examine the strength of these associations in a recent U.K. population-based birth cohort. Analyses were based on 13,680 participants. Linear regression models were fitted to identify factors that were associated with word-reading score at the age of 7 years. Path analysis models were fitted to examine phonological skills as a mediator of the relationships. We found that male gender, preterm birth, naming vocabulary at age five, concerns about speech and language, maternal education, type of housing tenure, lone parenting, parent attachment and frequency of reading to the child were all independently associated with word reading. For each of these predictors, there was evidence suggesting that a substantial proportion of the effect may be mediated by phonological skills (ranging from 52 to 89%). Despite policy intervention, many of the same risk factors identified in previous studies still predict children's word-reading ability in the United Kingdom. Results support the phonological model, with phonological skills on the pathway to word reading.