So? They are not the architect of the system that allowed/continues to allow that to happen.
IHT thresholds should rise. All inheritance is not the same. There is a major difference between wealth accumulated across generations and protected through trusts, offshore structures and sophisticated tax planning, and an ordinary family whose main asset is the family home bought through decades of work, PAYE taxation and mortgage payments. You should be able to give to your children and grandchildren with certain caveats.
It is also an uncomfortable truth that the reason many younger people cannot afford homes today is not primarily because 80-year-old Ethel has lived in her home for 50 years, contributed to her community, and seen the value increase around her. She is not hoarding wealth nor is she the primary cause of house price inflation. Taxing her will not increase homeownership or meaningfully redistribute "wealth". The bigger issues are (not an exhaustive list) decades of cheap credit, restricted housing supply, institutional ownership, demographic pressures, housing being treated as an asset class rather than a necessity, an economy reliant on asset inflation, and large-scale capital outflows.
Nor will she and her family necessarily benefit from that house price inflation. Many ordinary homeowners end up selling their homes to pay for dementia or long-term residential care, often at £60,000-£100,000+ per year over many years. Self-funders are already propping up the wider care system and effectively subsidising lower local authority rates. Various estimates suggest they save the state around £10bn+ annually. In reality, much of this “wealth” is already recycled back into the system through later-life care costs long before inheritance is ever passed on.
There is also far too little joined-up thinking about the real drivers behind house price inflation, pressures on the NHS and education, or who benefits most from how the current system operates. Take water industry - much of the industry (in addition to teetering on the edge, financially) is now effectively owned through international pension funds, infrastructure investors, HNW individuals and other overseas investors. Since privatisation, water companies in England and Wales are estimated to have paid out around £70bn-£80bn in dividends while building up more than £60bn in debt.
It was their responsibility to use profits to maintain and improve infrastructure, yet leaks, outages and contamination issues remain persistent. Ask people in Kent and Sussex about the major outages, disruption and extra costs they experienced while still facing rising bills. Now Ofwat has agreed bills can rise per household to fund investment that many argue should already have happened... and to service the debt! . That is tens of billions over five years that could otherwise have been circulating in the economy, improving lives and creating opportunities. That's just nuts!
It's time for people to wake up realise who is carrying the cost, and who receives the rewards? The government and the political parties have you looking in the wrong direction and at the wrong people.