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Tory peer calls for £10,000 ‘citizens inheritance’ for all 30-year-olds

65 replies

SerendipityJane · 02/03/2024 09:30

"The next government" I notice.

Not this one.

Are we all ready for the extra tax to pay for this ? Or would we rather scrap PIP and ESA ?

https://www.theguardian.com/politics/2024/mar/02/tory-peer-calls-for-10000-citizens-inheritance-for-all-30-year-olds

Tory peer calls for £10,000 ‘citizens inheritance’ for all 30-year-olds

David Willetts suggests policy would help spread wealth among millennials amid deepening inequalities

https://www.theguardian.com/politics/2024/mar/02/tory-peer-calls-for-10000-citizens-inheritance-for-all-30-year-olds

OP posts:
Cherryon · 02/03/2024 23:59

WelshNerd · 02/03/2024 16:26

I would really encourage people to read the article as the point it makes about increasing inequality due to intergenerational wealth is very interesting and worthy of political attention. The headline is quite click baity by the guardians standards.

The wider point of interest is how income will become less relevant to your wealth than ever before. That has immediate implications in terms of tax receipts and longer term issues where the value of work is further eroded, particularly for working class/lower middle class younger people.

They also say that Millenials will be the richest generation ever once they start inheriting from their Boomer parents. So, why add to that by giving every 30yr old Millenia and extra £10K?

Thistlelass · 03/03/2024 00:41

I think they had better give all us 1950's WASPI women at least the £10000 first 🙂

WelshNerd · 03/03/2024 07:40

@Cherryon I don't agree or wish to defend the policy but I believe the intention is to ensure that those who won't inherit, or wont inherit to the same extent, have a fighting chance at buying a house.

Interested in this thread?

Then you might like threads about this subject:

Cherryon · 03/03/2024 21:13

WelshNerd · 03/03/2024 07:40

@Cherryon I don't agree or wish to defend the policy but I believe the intention is to ensure that those who won't inherit, or wont inherit to the same extent, have a fighting chance at buying a house.

I did get a similar impression that was their mooted intention. But £10k isn’t nearly enough to cover a deposit and buying/moving costs to buy a house in most of the U.K. They would have to bank it and add to it, meanwhile it will be temptation.

I think they know most 30yr olds will likely spend the money really quickly, injecting cash back into the economy. The economy is suffering because most people are scrimping and cannot afford eating out, shows, cinema, activities, holidays and so on. So £10k to each 30yr old will mean lots of young people spending. Many will spend all of it on a needed large purchase-say a car or a wedding or to have a baby. Even those who don’t need and aren’t saving up for something large now and are responsible would be tempted to spend half on luxury items- like a new phone/laptop/hobby gear/cosmetic procedures/ and then might put half into savings.

I think this may be like a variation of Sunak’s Eat Out to Help Out - the government gave restaurants and pubs 50% of whatever people spent on food eating out. The idea was to inject money into the economy by encouraging spending. This is of the same ilk. Give a bit of money, to young people of an age to be high consumers knowing most will have spent all of it within a year.

SerendipityJane · 04/03/2024 07:32

The idea was to inject money into the economy by encouraging spending. T

Was it ? At this distance it seems purely like a scheme to funnel taxpayers money to dodgy businesses. Remember how many fraudulent loans aren't being chased, while the DWP snoops on UC claimants bank accounts.

OP posts:
determinedtomakethiswork · 04/03/2024 07:45

It is a ridiculous attempt to get 30-year-olds to vote for them.

soupfiend · 04/03/2024 07:47

By the time you have developed the odd illness, no matter what, its impossible to get health/illness cover. I was turned down at 24 for health cover due to tumours in my bladder I'd had. It was my first mortgage and I wasnt required to get health cover but strongly advised to. Couldnt get it as I didnt qualify. Never had it since, nor life insurance and now have countless conditions that make even travel insurance very difficult as currently under 'investigation' for a series of issues, none of them life threatening but the insurers will use that to say they cant cover you

PermanentTemporary · 04/03/2024 07:51

When they talk about rent control I'll listen.

SerendipityJane · 04/03/2024 08:52

PermanentTemporary · 04/03/2024 07:51

When they talk about rent control I'll listen.

Hmmm ...

generally it's a bad idea to fiddle in markets. It never worked in the USSR.

However, that said, artificial competition is also market manipulation. Like what we have in the UK with a plethora of "energy" companies (and we all know how that ended) that are totally superfluous. We aren't the US, and we don't need 57 varieties of billing agencies (because that's all they were and are) in the physical space of the UK.

See also: railways and water.

OP posts:
PermanentTemporary · 04/03/2024 16:36

'It never worked in the USSR' - good grief. Rent control is something that exists in multiple forms in multiple countries and is not only associated with violent authoritarian regimes. The state of Oregon in the US has introduced state wide regulation of rents in 2019. There are rent controls in Paris, Barcelona and other European cities - also availability controls like banning Airbnb whole-house renting.

There are in my view very few unregulated 'pure' markets out there - most agencies are trying to pull the markets they are involved in, in a direction that benefits them. The existence of a market is a sophisticated mechanism subject to human intelligence and/or interference, not an evolved flower.

Rent control isn't a panacea. But it would be a serious attempt to protect tenants. I don't know what Michael Gove is doing at Housing and why he has failed to do most of the obvious things he needed to get done (eg stop Right to Buy). I'm sure there's a story to that, but fundamentally he appears to have failed to do very much. I do see an awful lot more new home starts than the media would have us believe and I'd like to know the figures on that, but they seem to be mostly developer- friendly greenfield estates.

PinkPink1 · 04/03/2024 17:44

I'm in my 20s and have a baby. I'd rather the gov focus on lowering childcare costs, house prices, rent etc and cut the NHS waiting times.

simperingsychophantsbatman · 04/03/2024 17:59

I hope they make funerals free then for all those disabled people that won't be able to afford these critical cover plans and whose single parent didn't have one on account of not being able to work because of caring full-time for them. Because then we can just let them die off quietly. And then we won't need to bother with making anywhere accessible for them either (oh wait, we don't). Actually, sod the free funerals, we can make wheelie bins bigger and get rid that way.
They'd be better off giving it to pensioners as then there might be enough of them still willing to vote conservative.

Cherryon · 04/03/2024 19:49

simperingsychophantsbatman · 04/03/2024 17:59

I hope they make funerals free then for all those disabled people that won't be able to afford these critical cover plans and whose single parent didn't have one on account of not being able to work because of caring full-time for them. Because then we can just let them die off quietly. And then we won't need to bother with making anywhere accessible for them either (oh wait, we don't). Actually, sod the free funerals, we can make wheelie bins bigger and get rid that way.
They'd be better off giving it to pensioners as then there might be enough of them still willing to vote conservative.

That’s what assisted dying is abused to do (in Canada and the Netherlands), to reduce the societal burden of disabled people. It’s life ending eugenics instead of the sterilisation preventing life eugenics of the past.

SerendipityJane · 04/03/2024 21:03

simperingsychophantsbatman · 04/03/2024 17:59

I hope they make funerals free then for all those disabled people that won't be able to afford these critical cover plans and whose single parent didn't have one on account of not being able to work because of caring full-time for them. Because then we can just let them die off quietly. And then we won't need to bother with making anywhere accessible for them either (oh wait, we don't). Actually, sod the free funerals, we can make wheelie bins bigger and get rid that way.
They'd be better off giving it to pensioners as then there might be enough of them still willing to vote conservative.

I had a warning from MNHQ for a similar themed comment.

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